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Piling up the chips

Unveiling what would be the largest tech transaction in history, Broadcom said it is prepared to hand over $103bn in cash and stock for Qualcomm. The unprecedented 12-digit transaction represents a consolidation of the two consolidators behind the semiconductor industry's two largest consolidations. However, regulatory challenges, combined with valuation discrepancies, mean this marriage of giants is highly unlikely to go through in its current form.

Brenon Daly

Research Director, Financials

Kenji Yonemoto

Research Associate