Avago is buying Broadcom for $37billion in a cash and stock deal. According to Avago, the combined company will have the most diversified communications offering available and, with annual revenues of approximately $15bn, will be the top 10 semiconductor companies.
"Today's announcement marks the combination of the unparalleled engineering prowess of Broadcom with Avago's heritage of technology from HP, AT&T and LSI Logic, in a landmark transaction for the semiconductor industry," said Hock Tan, Avago's president and chief executive officer.
"When Henry Nicholas and I founded Broadcom," said Dr Henry Samueli, pictured, Broadcom's chairman, "we had a vision of creating the world leader in communications semiconductors. Today's announcement is a continuation of that vision and we could not think of a better partner for the future than Avago."
Following completion of the transaction, Tan will serve as president and chief executive officer of the combined company, which will be called Broadcom. Dr Samueli will join the board and hold the post of chief technology officer.
Author
Graham Pitcher
Source: www.newelectronics.co.uk