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Broadcom plans Qualcomm bid according to sources

07 November 2017

In part this might be inspired by Qualcomm's pending release of the Centriq family of processors seeing as how Broadcom cancelled their ARM based server chip development earlier this year.

It is said that if Broadcom merges with Qualcomm, combination of Broadcom with Qualcomm will make Broadcom third largest Chip makers in the world. Qualcomm apparently isn't happy with the offer, with Bloomberg saying that Qualcomm thinks the deal "undervalues the company".

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Qualcomm's chips and patents affect nearly every smartphone model in the world, and Broadcom is offering $70 a share, which is a 28pc premium on Qualcomm's closing stock price last Thursday (2 November) according to a report in The New York Times. The proposed transaction would be valued at approximately $130 billion, including $25 billion of net debt. The statement said that there would be no further comment from the company until the assessment was completed. In other words, don't expect this deal to close anytime in the near future.

"We believe the combination could create shareholder value through potential accretion, synergies, increased share with Apple and Samsung; in addition, Broadcom could potentially settle the licensing dispute with Apple in a more-timely manner than could Qualcomm, given Broadcom's strong relationship with Apple".

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The deal would dwarf Dell Inc.'s $67 billion acquisition of EMC in 2015 - then the biggest in the technology industry. "We estimate Qualcomm/NXP Semiconductors would drive over $13 in earnings per share accretion and result in consolidated earnings per share of $32.06, resulting in fair value of $465".

Broadcom (AVGO) is offering $105 million in cash and stock to acquire smartphone chipmaker Qualcomm (QCOM).

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And a premium of 33 per cent on Qualcomm's "unaffected 30-day volume-weighted average price".

Broadcom plans Qualcomm bid according to sources