The deal will create a major supplier communications chips with annual revenues of approximately $15bn.
The combined company will adopt the Broadcom name.
“Today’s announcement marks the combination of the unparalleled engineering prowess of Broadcom with Avago’s heritage of technology from HP, AT&T, and LSI Logic, in a landmark transaction for the semiconductor industry,” said Hock Tan, president and CEO of Avago.
According to Scott McGregor, president and CEO of Broadcom, the deal will give the company access to “a greater breadth of technology and product capability”.
Following completion of the transaction, Avago CEO Tan will continue to serve as president and CEO of the combined company.
Under the terms of the definitive agreement, Avago will acquire Broadcom for $17bn in cash and a share transaction valued at $37bn.
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