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Featured Company News - Broadcom Completes Acquisition of Brocade Communications

ACCESSWIRE

Research Desk Line-up: Cavium Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 22, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Broadcom Ltd (NASDAQ: AVGO), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AVGO. The Company announced on November 17, 2017, that it has completed the acquisition of Brocade Communications Systems, Inc. The deal is valued at around $5.5 billion. It is expected to provide Broadcom a larger share of data center products market. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Semiconductor - Broad Line industry. Pro-TD has currently selected Cavium, Inc. (NASDAQ: CAVM) for due-diligence and potential coverage as the Company announced on November 01, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Cavium when we publish it.

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Broadcom Decides to Redomicile in the United States

  • Broadcom had agreed to buy Brocade Communications in November 2016. For the past one year, the US Committee on Foreign Investment, which oversees all foreign acquisitions, has held up the acquisition.

  • The acquisition got completed only weeks after Broadcom announced its decision of moving its legal address from Singapore to the US on November 02, 2017. This move would make it easier for Broadcom to get regulatory approvals for future acquisitions of domestic Companies.

Acquisition-Related Changes for Brocade

  • As a result of the acquisition, Brocade's common stock would no longer be traded on NASDAQ, as Brocade would now operate as an indirect subsidiary of Broadcom.

  • Jack Rondoni would lead Brocade Communications as General Manager. Formerly, he served as the Senior Vice President of Storage Networking at Brocade.

  • Rondoni joined the Company in 2006 and thus brings with him more than 20 years of experience in storage, networking, and technology.

Acquisition to Enhance Broadcom's Portfolio of Enterprise Storage and Networking Solutions Serving OEM Customers

Hock Tan, President and Chief Executive Officer of Broadcom, stated that the acquisition will strengthen Broadcom's leadership position in the enterprise storage and networking solutions market, and help the Company enhance its service to OEM customers. He stated that Broadcom has a proven track record of successfully integrating Companies and taking them ahead. This, in turn, helps the Company offer its customers a leading portfolio of best-in-class franchises across a diverse set of technologies. Broadcom intends to invest and further develop Brocade's capabilities in mission-critical storage networking and thus drive growth.

Brocade Expects the Deal to Strengthen its Leadership in Storage Area Networking

Brocade would get access to Broadcom's scale, resources and complementary capabilities, which will help the Company accelerate growth, execute on its strategic initiatives and extend its market leadership in storage area networking. Both companies share a common culture of innovation and execution.

About Broadcom Ltd

Broadcom is a leading semiconductor device supplier to the wired, wireless, enterprise storage, and industrial end markets. It has an extensive product portfolio that serves four primary end markets, i.e. wired infrastructure, wireless communications, enterprise storage, and industrial & other. Broadcom's Applications for its products in these end-markets include data center networking, home connectivity, set-top box, broadband access, telecommunications equipment, smartphones, and base stations, data center servers and storage, factory automation, power generation and alternative energy systems, and electronic displays.

Last Close Stock Review

On Tuesday, November 21, 2017, the stock closed the trading session at $276.59, slightly up 0.62% from its previous closing price of $274.88. A total volume of 2.08 million shares have exchanged hands. Broadcom's stock price skyrocketed 13.23% in the last one month, 15.44% in the past six months, and 60.27% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 56.47%. The stock is trading at a PE ratio of 227.27 and has a dividend yield of 1.48%. The stock currently has a market cap of $112.95 billion.

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SOURCE: Pro-Trader Daily