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President Donald Trump hugs Broadcom CEO Hock Tan during an event to announce the company is moving its global headquarters to the United States Photo: Evan Vucci / AP

Broadcom on Monday officially offered to buy chipmaking rival Qualcomm for around $103 billion, or $70 per share in cash and stock, not inclusive of around $22 billion in assumed debt.

Why it matters: If completed, this would be the largest pure technology merger of all time, topping Dell's purchase of EMC. It also would create the world's third-largest chipmaker, behind Intel and Samsung.

D.C. angle: Broadcom last week announced that it would move its headquarters from Singapore to the U.S., in part due to the prospect for tax reform. The reality, however, is that the relocation was largely to smooth the way not only for this transaction, but also future M&A efforts. Even if tax reform falters, Broadcom plans to proceed with both the move and the Qualcomm buy.

Related transactions: Broadcom's previously-announced $5 billion deal for Brocade and Qualcomm's previously-announced $47 billion deal for NXP Semiconductors both remain in process, but needn't be consummated for the larger transaction to continue.

Go deeper

1 hour ago - Health

WHO: Not yet known whether Omicron leads to more severe disease

Photo illustration: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The World Health Organization on Sunday said that it is not yet clear whether the newly discovered Omicron variant is more transmissible than other strains of the COVID-19 virus.

Why it matters: The agency's statement comes as the variant, discovered in South Africa, has already been detected in European and Asian countries.

7 hours ago - Health

Fauci: Omicron variant will "inevitably" be found in U.S.

Photo: Chip Somodevilla/Getty Images

Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, cautioned on Sunday that the COVID-19 Omicron variant will "inevitably" be found in the United States.

Driving the news: Fauci, Biden's chief medical adviser, told ABC's George Stephanopoulos on "This Week" that U.S. officials will meet with colleagues from South Africa later on Sunday to try to determine the severity of the cases, as countries scramble to learn more about the variant.

Updated 8 hours ago - Politics & Policy

Dems fear supply-chain blame

Illustration: Aïda Amer/Axios

As supply-chain kinks drive up prices and disrupt holiday shopping, Democrats are scrambling to show action and deflect blame.

Why it matters: With their party controlling both the White House and Capitol, vulnerable Democrats worry supply-chain snafus will hurt them in next year's midterms.