Broadcom shareholders approved all proposals necessary for its previously announced acquisition by Avago Technologies Limited.
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Avago's Acquisition of Broadcom Aims to Transform Networking Semiconductors
Avago Technologies agreed to acquire Broadcom for $17 billion in cash consideration and the economic equivalent of approximately 140 million Avago ordinary shares, valued at $20 billion as of May 27, 2015, resulting in Broadcom shareholders owning approximately 32% of the combined company. Based on Avago's closing share price as of May 27, 2015, the implied value of the total transaction consideration for Broadcom is $37 billion.The merger will create the third largest global semiconductor company with strong presence in wired infrastructure, wireless infrastructure, enterprise storage, ASICs, PHYs, Ethernet switching silicon and set-top box silicon. It will have combined annual revenues of approximately $15 billion and $77 billion in enterprise value.
Upon completion of the acquisition, the new company will be known as Broadcom Limited. Mr. Hock Tan, President and Chief Executive Officer of Avago, will continue to serve as President and CEO. Broadcom co-founder Dr. Henry Samueli will join the board of the combined company as will another director from Broadcom. In addition, Dr. Samueli will be appointed Chief Technology Officer of the combined company. Broadcom co-founder Dr. Henry Nicholas will serve in a strategic advisory role within the combined company, reporting to Mr. Tan.
