In an unsolicited bid, Broadcom has offered to buy Qualcomm for roughly $130 billion. Hock Tan, president and CEO of Broadcom, said in a statement, “This complementary transaction will position the combined company as a global communications leader with an impressive portfolio of technologies and products. We would not make this offer if we were not confident that our common global customers would embrace the proposed combination.”

Broadcom’s proposal was approved by the company’s board.

Moelis & Company, Citi, Deutsche Bank, J.P. Morgan, BofA Merrill Lynch and Morgan Stanley are acting as financial advisors to Broadcom. Wachtell, Lipton, Rosen & Katz and Latham & Watkins are acting as legal counsel.

“The Qualcomm board, in consultation with its financial and legal advisors, will assess the proposal in order to pursue the course of action that is in the best interests of Qualcomm shareholders,” Qualcomm said in a statement, acknowledging the company has received the bid.

[Image courtesy: Qualcomm]