(TheInquirer.net) – Semiconductor outfit Avago Technology has announced that it will pick up chipmaker Broadcom in a deal worth a cool $37bn.
Avago said that the purchase will comprise $17bn in cash and an additional $20bn in shares. The combined company, which will trade under the Broadcom brand, has been valued at $77bn, making it the biggest deal of its kind in the semiconductor industry.
Broadcom is best known as the employer of Raspberry Pi founder Eben Upton and the manufacturer of the ARM-based chips that power the credit card-size PC.
The transaction is expected to close by the end of March 2016, and is subject to regulatory approval across various jurisdictions, as well as the approval of Avago’s and Broadcom’s shareholders. The acquisition has already been approved by the directors of both companies.