Tuesday, 11 December, 2018

Intel has considered Broadcom bid if Qualcomm deal goes through

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Laurie Berry | 12 March, 2018, 13:52

Intel Corporation is reportedly mulling a bid for semiconductor company Broadcom, a month after the latter's proposal to takeover rival Qualcomm was rejected.

Intel has been mulling a move since late a year ago and is working with advisers on a bid for Broadcom, which has a market value of about US$104 billion. Broadcom's now market value stands at around $104 billion. Current board member Jeffrey Henderson was named non-executive chairman.

Its offer for Qualcomm has been met with resistance, not only from Qualcomm executives, but also from the United States government, which has initiated a review on national security concerns.

Broadcom was an Irvine-based fabless semiconductor company that was acquired in 2016 by Avago Technologies, a company that began life as a product division of Hewlett-Packard, and was later spun off in 1999 into Agilent Technologies. Sources indicated that there's no guarantee an Intel offer would happen, and one said it was unlikely.

While a new vote has been scheduled for April 5, a review by the Committee on Foreign Investment in the US (CFIUS) is expected to take longer.

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Broadcom said USA national security concerns are not a risk to the closure of the proposed buyout as it never planned to acquire the company before it completes redomiciliation.

Intel is eyeing acquisitions to remain perched at the top of the semiconductor industry, deals that would pave ways for the tech titan to reshape the fast-consolidating sector to its liking, according to a published report on Friday.

A successful deal would create a much larger competitor for Intel, said the report. Intel is eager for the hostile takeover to fail, but if Broadcom succeeds, it may try to purchase the combined company. CFIUS said in a letter dated March 5 that the acquisition could threaten the USA position in wireless communications standards, patents, and products - potentially to the benefit of China. Intel could use the transaction to gain a beachhead in wireless handsets - an area it has so far struggled to penetrate.

Now, though, sources speaking to the Wall Street Journal have thrown another name into the ring: Intel, which is claimed to be considering the potential Broadcom-Qualcomm merger a direct threat and is looking to head the issue off at the pass by buying Broadcom lock, stock, and barrel.

Intel receives just over 5 percent of its sales from Apple, compared with about 7 percent for Broadcom, according to data compiled by Bloomberg.

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