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Broadcom Signs Financing Agreements Of Up To $100 Bln To Fund Qualcomm Deal

Broadcom Limited (AVGO) announced the company has signed committed financing agreements to fund its proposed acquisition of Qualcomm Incorporated (QCOM). A group of 12 financial institutions have agreed to provide up to $100 billion of committed credit facilities, including a $5 billion revolving credit facility and bridge financing, and investment funds affiliated with Silver Lake, KKR and CVC have agreed to provide $6 billion of convertible note financing to Broadcom to fund the transaction and post-closing working capital needs, including restructuring activities, at the combined companies.

Broadcom said the company has sufficient committed financing to fully fund the $60 per share cash component of its $82 per share offer to acquire all of the outstanding shares of Qualcomm. The financial institutions that will provide the credit facilities and bridge financing for the transaction are BofA Merrill Lynch, Citigroup, affiliates of Deutsche Bank AG, J.P. Morgan, Mizuho, MUFG, SMBC, Wells Fargo, Scotiabank, BMO Capital Markets, RBC Capital Markets and Morgan Stanley.

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