Monday, 23 July, 2018

Broadcom agrees to buy CA Technologies for $19 billion

Broadcom to Acquire Software Company CA Technologies for $18.9 Billion Broadcom agrees to buy CA Technologies for $19 billion
Priscilla Morrison | 12 July, 2018, 18:20

Broadcom has agreed to buy software maker CA Technologies for about $19 billion, an acquisition that suggests the chipmaker is ready to branch out in a new direction.

If the deal clears every hurdle and goes through, the $108 billion semiconductor company will pay $44.50 a share for CA in a deal that could go public on Wednesday, the companies say. Broadcom and CA representatives didn't immediately respond to requests for comment.

Hock Tan, the president and CEO of Broadcom, said that the combination of CA and Broadcom would create "one of the world's leading infrastructure technology companies".

More news: After Tense Summit, Trump Declares, 'I Believe in NATO'

CA Technologies stock soared almost 16 percent in after-hours trading to US$43.10 per share following the Broadcom acquisition news. Broadcom stock fell 5.5 percent.

The CA deal, outlined in a joint statement from the companies, comes just four months after U.S. President Donald Trump blocked Broadcom's $117 billion hostile bid for semiconductor peer Qualcomm on national security grounds. After the rejection of its Qualcomm bid, the San Jose, California-based company - which relocated its headquarters to the USA from Singapore earlier this year - had said it would probably avoid large purchases and concentrate on returning cash to shareholders in the form of stock buybacks and dividends.

This deal caught Wall Street by surprise and wasn't met positively.

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