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Communications chipmaker Broadcom Ltd on Monday said it offered to buy smartphone chip supplier Qualcomm Inc for $70 per share or $103 billion in cash and stock, in what would be the biggest technology acquisition ever.
A tie-up would combine two of the largest makers of wireless communications chips for mobile phones and raise the stakes for Intel Corp, which has been diversifying into smartphone technology from its stronghold in computers.
Broadcom’s offer is at a premium of 27.6 percent to Qualcomm’s closing price of $54.84 on Thursday, a day before media reports of a potential deal pushed up the company’s shares.
Qualcomm shareholders would get $60 in cash and $10 per share in Broadcom shares. Including debt, Broadcom’s bid values the transaction at $130 billion.
“In our view, $70 per share wouldn’t be sufficient,” Nomura Instinet analyst Romit Shah wrote in a client note.
Qualcomm is trying to close its $38-billion acquisition of NXP Semiconductors NV, one of the largest makers of chips for vehicles and expanding into self-driving technology.
Broadcom said its proposal stands irrespective of Qualcomm’s acquisition of NXP goes through or not.
Shah believes Broadcom would encourage Qualcomm to complete its NXP acquisition as it has extensive distribution channels, scale and exposure to the fastest growing segments in automotive, where Broadcom is underpenetrated.
Broadcom said BofA Merrill Lynch, Citi, Deutsche Bank, JP Morgan and Morgan Stanley have advised that they are highly confident that they will be able to arrange the necessary debt financing for the proposed transaction.
Qualcomm shares, which traded over $70 as recent as December 2016, closed at $61.81 on Friday.
16 biggest tech acquisitions in history
16 biggest tech acquisitions in history
In what could truly be considered as the end of an era, US telecom giant Verizon Communications recently acquired internet pioneer Yahoo. Having once spurned an almost $49 billion bid from Microsoft, Yahoo, which once boasted a $125 billion market cap, was snapped up by Verizon for a mere $4.83 billion. The acquisition, which was in the works for almost past four months, is the second-biggest tech deal of the year. The first was Microsoft’s acquisition of professional networking website LinkedIn, its most expensive ever. As ‘curtains draw’ on another tech titan, we trace a few other super mergers of the technology industry.
2014: Facebook buys WhatsApp for about $21.8 billion
The social media giant expanded its reach into messaging apps with the acquisition of WhatsApp.
2002: VeriSign buys Network Solutions for $21 billion
Security software-maker VeriSign acquired the internet-name registrar Network Solutions in an all-stock deal worth about $21 billion.
2005: Symantec buys Veritas for about $13.5 billion
The security software company expanded its storage software capabilities with the purchase. This deal turned out to be another mismatch, culminating in Symantec’s decision last year to sell Veritas for $8 billion to the Carlyle Group and Singapore’s sovereign wealth fund, GIC.
2011: Microsoft buys Skype for about $8.5 billion in 2011
The software giant bolstered its online video calling services with the buyout of Skype.
2000: AOL buys Time Warner for $181.6 billion
This is one of the biggest ones in the history of internet industry. In January 2000, AOL acquired Time Warner for an astounding $181.6 billion. However, with the dotcom bust, the deal too went bust and in 2009, Time Warner spun AOL back off as an independent company worth about $3 billion.
2005: Oracle buys PeopleSoft for $11.1 billion
The purchase of human resources software maker turned Oracle into a more formidable rival to SAP in the market regarding business management applications. In recent years, Oracle has been contending with a new threat from Workday, a specialist in online personnel services that was started by PeopleSoft founder David Duffield.
2010: Oracle buys Sun Microsystems for $7.4 billion
The buyout gave Oracle ownership of the Java programming language and catapulted the software company into the hardware business. Analysts have been generally unimpressed with the payoff that Oracle has gotten from Sun Microsystems so far.
2015: NXP buys Freescale Semiconductor for $11.8 billion
Chipmaker NXP Semiconductors NV agreed to buy smaller chipmaker Freescale Semiconductor for $11.8 billion. The deal valued the combined company at over $40 billion.
2014: Lenovo buys Motorola from Google for $2.9 billion
After losing more than $2 billion in less than two years, Google sold Motorola’s smartphone business to the Lenovo Group for $2.9 billion. However, it held on to the patents.
2016: Microsoft buys LinkedIn for $26.2 billion
In June this year, Microsoft announced acquisition of professional-networking service LinkedIn for about $26.2 billion.
2002: Hewlett-Packard buys Compaq for about $19 billion
This deal was championed by then-CEO Carly Fiorina as a way for HP to become a stronger rival to computer maker IBM, but it faced staunch resistance from some prominent shareholders, including some of the heirs to HP’s founders. The acquisition helped in establishing HP as the largest maker of personal computers for many years, but the deal has lost its lustre as sales of desktop and laptop machines decline with the growing popularity of smartphones and tablets. Last year, HP split into two companies, one focused on serving businesses and the other on selling PCs and printers.
2008: Hewlett-Packard buys Electronic Data Systems for about $13 billion
The computer maker aimed to bolster its technology consulting services, but HP has had trouble retaining customers. After HP’s 2015 split, EDS became part of HP Enterprises. Last month, the company said it would shed the former EDS operations as part of an $8.5 billion deal to sell its business services division to Computer Sciences Corporation.
2011: Hewlett-Packard buys Autonomy for about $10 billion
Computer maker HP aimed to bolster its software and services offerings with the buyout, but the deal blew up quickly amid allegations that Autonomy had misled HP about its sales. HP absorbed an $8.8 billion charge to reflect that Autonomy wasn’t worth the price HP paid for it.
2012: Google buys Motorola Mobility for $12.4 billion
The search giant surprised everyone with its acquisition of Motorola. Google is said to have acquired the company largely for its portfolio of 17,000 mobile patents.
2015: Dell buys EMC Corporation for $67 billion
Dell’s purchase of the data-storage and information security company is one of the biggest ever in the tech industry.
2015: Avago Technologies buys Broadcom Corp for $37 billion
This is one of the biggest deals ever in the semiconductor industry, targeted at the ever growing wireless market.