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Broadcom (Nasdaq: AVGO) has offered to acquire chipmaking rival Qualcomm for around $103 billion (not including assumed debt), or $70 per share in cash and stock. The bid would be partially financed via private equity firm Silver Lake, which has committed $5 billion in convertible debt (via a capital source mixture of its flagship fund, co-investments and other sources).
- Why it's the BFD: This would be the largest pure-tech merger of all time, topping Dell's purchase of EMC. It also comes as both companies continue to finalize previously-announced mergers – Broadcom's $5 billion deal for Brocade and Qualcomm's $47 billion deal for NXP Semiconductors – although this new transaction is not contingent on either of those deals getting done.
- D.C. angle: Broadcom last week announced that it would move its headquarters from Singapore to the U.S., with CEO Hock Tan heading to the White House for the CEO/Trump genuflection shuffle. But while there is no doubt Broadcom would favor Trump's tax reform push to succeed, the relocation is largely to smooth the way not only for this transaction, but also for future M&A. Even if tax reform goes the way of repeal & replace, Broadcom is still coming Stateside.
- Bottom line: "Buying Qualcomm would make Broadcom the third-largest chipmaker, behind Intel Corp. and Samsung Electronics Co. The combined business would instantly become the default provider of a set of components needed to build each of the more than a billion smartphones sold every year." – Ian King, Bloomberg
• Rotunda Capital Partners has sold Primary Integration Solutions, a Charlotte-based provider of commissioning and operational consulting services for data centers, to Bureau Veritas (Paris: BVI). www.primaryintegration.com
• Snap (NYSE: SNAP) has acquired Metamarkets, a San Francisco-based provider of real-time data analytics that had raised around $58 million in VC funding from Data Collective, John Battelle, Citi National Bank, Khosla Ventures, IA Ventures, True Ventures and Village Ventures. http://axios.link/qnHG
🚑 Access Industries, the investment firm led by Len Blavatnik, is seeking to buy a major stake in troubled Israeli drugmaker Teva Pharmaceutical Industries (TASE: TEVA), according to local media reports. http://axios.link/WtkO
• Airbnb is considering an offer for the European vacation rental business of Wyndham Worldwide (NYSE: WYN), according to Bloomberg. The unit could fetch more than $1 billion. http://axios.link/UN05
• FirstRand, a listed South African lender, has agreed to buy British bank Aldermore Group for around $1.3 billion. http://axios.link/RUTd
• Qatar Airways has acquired a 9.61% stake in Hong Kong-based air carrier Cathay Pacific (HK: 0293) for around $661 million. http://axios.link/DlUr
🥕 Syngenta (Swiss: SYNN) has agreed to purchase the agricultural seeds business of Chinese grains trader COFCO. http://axios.link/RPak
- Go deeper: Asia-Pacific's advertising boom