Deals
Avago to Buy Broadcom for $37 Billion in Biggest Tech Deal Ever
Did Avago and Broadcom Have to Make a Deal?
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Avago Technologies Ltd., which makes semiconductors for the cellular, automotive and defense industries, agreed to buy wireless chipmaker Broadcom Corp. for $37 billion in the biggest technology acquisition ever.
Avago will pay $17 billion in cash and $20 billion in stock, the companies said in a statement. The Singapore-based company’s offer values Broadcom at $54.50 a share in cash, compared with a closing price of $57.16 on Wednesday, when the stock rose the most since 2001 after reports of an imminent deal. The offer is 16 percent above where Broadcom’s shares closed Tuesday.