Chipmaker Broadcom to buy network gear maker Brocade for $5.5 bln

Reuters

Wed, Nov 2, 2016, 7:15 AM

Nov 2 (Reuters) - Chipmaker Broadcom Ltd said on Wednesday it would buy network gear maker Brocade Communications Systems Inc for $5.5 billion in cash, to expand its fibre channel and storage businesses.

The $12.75 per share offer represents a premium of 46.7 percent to Brocade's Friday close. Bloomberg reported on Monday that Brocade was in talks to sell itself.

Singapore-based Broadcom, formerly called Avago, is known for its connectivity chips while California-based Brocade makes networking hardware, software and storage products.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Sriraj Kalluvila)

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Chipmaker Broadcom to buy network gear maker Brocade for $5.5 bln

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