Deals
Broadcom Seeks to Sell Unit Amid Qualcomm Rivalry
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Broadcom Corp., struggling to make a dent in Qualcomm Inc.’s lead in chips that connect smartphones to mobile networks, said it’s giving up on that business.
The company hired JPMorgan Chase & Co. to help explore options for its cellular baseband unit, including a possible sale. Exiting the business would reduce annual expenses by about $700 million, Irvine, California-based Broadcom said today in a statement. The shares surged 9.3 percent, the biggest one-day gain since 2011.