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.