Broadcom To Acquire Israeli Startup BroadLight - Report

Date : 03/20/2012 @ 12:54PM
Source : Dow Jones News
Stock : Broadcom Corp. (BRCM)
Quote : 54.67  0.0 (0.00%) @ 2:05AM

Broadcom To Acquire Israeli Startup BroadLight - Report

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Global chip maker Broadcom Corp. (BRCM) has reportedly acquired Israeli startup BroadLight Ltd. for at least $200 million, two Israeli newspapers report Tuesday.

The Marker, the financial section of the daily Haaretz newspaper, reports that two companies signed an agreement of intent Tuesday for a $230 million acquisition after four months of negotiations.

Financial daily Globes reported that the deal is worth for $200 million.

Both companies declined to comment.

BroadLight, which develops chips and software for fiber optic broadband networks, was set up in 2000 and has raised about $60 million in venture capital from such funds as Benchmark Capital, Israel Seed Partners and Motorola Ventures.

Broadcom has a development center that employs 500 people in Israel and the deal would represent Broadcom's 10th Israeli acquisition.

The company, which makes chips for set-top boxes, networking and smartphones, has been expanding its networking portfolio. The company last month closed its $3.7 billion purchase of NetLogic Microsystems.

-By Sara Toth Stub, contributing to Dow Jones Newswires, saratoth@gmail.com

(Shara Tibken contributed to this story.)




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