On Wednesday, Shares of Broadcom Corp. (NASDAQ:BRCM), surged 21.45% to $57.15, hitting its highest level.
Today, Avago Technologies Limited (AVGO) and Broadcom Corporation (BRCM) declared that they have reached a definitive agreement under which Avago will acquire Broadcom in a cash and stock transaction that values the combined company at $77 billion in enterprise value. Upon completion of the acquisition, the combined company will have the most diversified communications platform in the semiconductor industry, with combined annual revenues of about $15 billion.
Following completion of the transaction, Mr. Tan, President and Chief Executive Officer of Avago, will continue to serve as President and Chief Executive Officer of the combined company, which will adopt the name Broadcom Limited. Dr. Samueli will join the board of the combined company as will another director from Broadcom. In addition, Dr. Samueli will be designated Chief Technology Officer of the combined company. Dr. Nicholas will serve in a planned advisory role within the combined company, reporting to Mr. Tan.
Under the terms of the definitive agreement, Avago will acquire Broadcom for $17 billion in cash consideration and the economic equivalent of about 140 million Avago ordinary shares, valued at $20 billion as of May 27, 2015, resulting in Broadcom shareholders owning about 32% of the combined company. Based on Avago’s closing share price as of May 27, 2015, the implied value of the total transaction consideration for Broadcom is $37 billion.
Broadcom Corporation provides semiconductor solutions for wired and wireless communications. Its products offer voice, video, data, and multimedia connectivity in the home, office, and mobile environments. The company operates in two segments: Broadband and Connectivity, and Infrastructure and Networking.
Shares of Comcast Corporation (NASDAQ:CMCSA), inclined 1.28% to $59.34, during its last trading session.
Comcast Chairman and CEO Brian L. Roberts issued the following statement this morning regarding the Charter/Time Warner Cable/Bright House transactions:
“This deal makes all the sense in the world. I would like to congratulate all the parties.”
Comcast Corporation operates as a media and technology company worldwide. It operates through Cable Communications, Cable Networks, Broadcast Television, Filmed Entertainment, and Theme Parks segments.
At the end of Wednesday’s trade, Shares of Gilead Sciences Inc. (NASDAQ:GILD), gained 2.45% to $112.46.
Gilead Sciences, declared that its corporate presentation will be webcast from the Bernstein 31st Annual Planned Decisions Conference in New York.
John F. Milligan, PhD, Gilead’s President and Chief Operating Officer, will provide an overview of the company at the conference on Thursday, May 28 at 8:00 a.m. Eastern Time.
Gilead Sciences, Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines in areas of unmet medical nee in North America, South America, Europe, and the Asia-Pacific.
Finally, JetBlue Airways Corporation (NASDAQ:JBLU), ended its last trade with 3.20% gain, and closed at $20.18.
Today, JetBlue Airways Corporation launched service to its latest destination, Nevada’s Reno-Tahoe International Airport (RNO), with nonstop service from John F. Kennedy International Airport (JFK).
To celebrate Reno-Tahoe joining JetBlue’s network, the airline’s Reno-Tahoe partners recently launched a sweepstakes (a) for one lucky person to win a free trip for two to the city, counting flights on JetBlue, a five-night stay at the Peppermill Resort Spa Casino and Silver Legacy Resort and Casino, and a ride with Soaring Nevada Glider Rides.
In addition to new access to New York City, customers will also have connecting opportunities via JetBlue’s JFK Terminal 5 to several destinations along the East Coast in addition to America’s largest network of Caribbean destinations. Reno-Tahoe marks JetBlue’s 89th destination.
JetBlue Airways Corporation, a passenger carrier company, provides air transportation services. As of December 31, 2014, the company operated a fleet of 13 Airbus A321 aircrafts, 130 Airbus A320 aircrafts, and 60 EMBRAER 190 aircrafts. It also served 87 destinations in 27 states in the United States (the U.S.), the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and 17 countries in the Caribbean and Latin America.