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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

Dave Lawler, author of World
2 hours ago - World

Oxford and AstraZeneca's vaccine won't just go to rich countries

Waiting, in New Delhi. Photo: Jewel Samad/AFP via Getty Images

While the 95% efficacy rates for the Moderna and Pfizer/BioNTech vaccines are great news for the U.S. and Europe, Monday's announcement from Oxford and AstraZeneca may be far more significant for the rest of the world.

Why it matters: Oxford and AstraZeneca plan to distribute their vaccine at cost (around $3-4 per dose), and have already committed to providing over 1 billion doses to the developing world. The price tags are higher for the Pfizer ($20) and Moderna ($32-37) vaccines.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Vaccines: Key information about the effective COVID-19 vaccines — Oxford University's 90%-effective vaccine.
  2. Health: U.S. coronavirus hospitalizations keep breaking recordsWhy we're numb to 250,000 coronavirus deaths — Americans line up for testing ahead of Thanksgiving.
  3. Travel: Air travel's COVID-created future — Over 1 million U.S. travelers flew on Friday, despite calls to avoid holiday travel.
  4. World: England to impose stricter regional systemU.S. coronavirus hotspots far outpacing Europe's — Portugal to ban domestic travel for national holidays.
  5. Economy: The biggest pandemic labor market drags.
  6. Sports: Coronavirus precautions leave college basketball schedule in flux.

Biden transition names first Cabinet nominees

Tony Blinken at the U.S. embassy in Baghdad in 2016. Photo: Pool / The Embassy of the United States of America in Baghdad/Anadolu Agency/Getty Images

President-elect Joe Biden on Monday unveiled his nominations for top national security positions in his administration, tapping former Secretary of State John Kerry as his climate czar and former deputy national security adviser Avril Haines as director of national intelligence.

Why it matters: Haines, if confirmed, would make history as the first woman to oversee the U.S. intelligence community. Biden also plans to nominate Alejandro Mayorkas to become the first Latino secretary of the Department of Homeland Security.