Mergers and Acquistions News
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October 14th 2010, 15:59PM
Global semiconductor firm Broadcom Corporation has announced it has signed an agreement that will see it acquire Beceem Communications Inc, a provider of fourth generation (4G) wireless platform products, for $316 million (£197.7 million) in cash.
Broadcom will use the acquisition to launch an advance into the 4G wireless smartphones, mobile computing, consumer electronics products and wireless gateways markets.
The global conductor business will also utilise Beceem's 3 and 2G, LAN, Bluetooth, GPS and Ethernet solutions to forge into the wireless market.
"The combination of Beceem and Broadcom creates a leader in providing multimode wireless connectivity solutions to service providers and equipment manufacturers around the world," said Scott Bibaud, Broadcom's executive vice-president and general manager of the Mobile Platforms Group.
The takeover looks designed to capitalise on the burgeoning popularity of 4G products, as more and more consumers want to access content from wireless devices.
Subject to the usual closing criteria, the transaction is expected to close in Broadcom's fourth quarter of 2010 or by the end of Broadcom's first quarter, March 31st 2011.
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