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Qualcomm expected to keep their extra m and say no to Broadcom

07 November 2017, 01:39 | Melanie Burgess

Qualcomm expected to keep their extra m and say no to Broadcom

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The combined Broadcom and Qualcomm, including NXP, will have pro forma fiscal 2017 revenues of approximately $51 billion and pro forma 2017 EBITDA of approximately $23 billion, including synergies.

"It's a smart move that would make Broadcom into a tech juggernaut", said GBH Insights analyst Daniel Ives.

In a statement about its proposal, Broadcom president and CEO Hock Tan flagged "greater scale and broader product diversification" as key strategic drivers for the offer.

Broadcom shares gained about 1.2 percent hike early Monday morning.

"We are well advised and know what our options are, and we have not eliminated any of those options", said Tan, who has pulled off a string of deals over the past decade.

A successful takeover by Broadcom would combine two of the largest makers of wireless communications chips for mobile phones. There has been regulatory scrutiny for that deal in Europe, as well as reported objections from NXP stakeholders.

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Qualcomm is now trying to close its pending $38-billion acquisition of NXP Semiconductors, a leading supplier of chips for vehicles that is also expanding into self-driving technology, and it is believed that Broadcom is open to acquiring NXP.

"Based on what I've seen, it seems unlikely to me that there's a basis for a challenge (to stop the deal)", he said.

The deal stands regardless of the results of Qualcomm's $110 per share bid for NXP Semiconductors, Broadcom said in a news release. We think NXP would also fit in reasonably well under the Broadcom umbrella, but we're surprised that Qualcomm's cash hoard isn't a requirement to fund Broadcom's bid. Broadcom also got a commitment letter for US$5 billion in financing from private equity Silver Lake Partners, an existing Broadcom investor.

"Qualcomm will have no further comment until its board of directors has completed its review", the company said.

Broadcom plans to move its headquarters exclusively to the United States, which would allow it to avoid review by the Committee on Foreign Investment in the United States, which reviews foreign ownership of USA assets.



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