A New Broadcom: The First Cuts
Engineering included in $750M annual savings
5/28/2015 04:20 PM EDT
SAN JOSE, Calif. –Avago Technologies bid $17 billion in cash and $20 billion in stock for Broadcom, creating the world’s sixth largest chip vendor in what’s being hailed as the semiconductor industry’s biggest proposed merger to date. The combined company promises to slash at least $750 million in annual costs within 18 months mainly from streamlining operations including cuts in engineering staff.
Henry Samueli, Broadcom’s co-founder and chief technologist, will become CTO of the merged company which will retain the Broadcom name. In a conference call with analysts he laid out the philosophy for merging the two company’s engineering teams if the deal closes as anticipated by April 2016.
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