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.

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

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Mike Allen, author of AM
2 hours ago - Politics & Policy

Scoop: Mike Bloomberg's anti-chaos theory

CNN's Anderson Cooper questions Joe Biden last night at a drive-in town hall in Moosic, Pa., outside Scranton. Photo: CNN

Mike Bloomberg's $100 million Florida blitz begins today and will continue "wall to wall" in all 10 TV markets through Election Day, advisers tell me.

Why it matters: Bloomberg thinks that Joe Biden putting away Florida is the most feasible way to head off the national chaos we could have if the outcome of Trump v. Biden remained uncertain long after Election Day.

Biden's hardline Russia reset

Photo Illustration: Eniola Odetunde/Axios. Getty Images photos: Mark Reinstein

When he talks about Russia, Joe Biden has sounded like Ronald Reagan all summer, setting up a potential Day 1 confrontation with Russian President Vladimir Putin if Biden were to win.

Why it matters: Biden has promised a forceful response against Russia for both election interference and alleged bounty payments to target American troops in Afghanistan. But being tougher than President Trump could be the easy part. The risk is overdoing it and making diplomacy impossible.