Chip manufacturer Broadcom has announced a deal to buy Brocade Communications, a major supplier of fiber channel storage area networking technology to data centers, for $5.5 billion in cash and the assumption of Brocade’s $400 million debt. That represents a 47 percent premium over Brocade’s closing share price last week, said Brocade CEO Lloyd Carney. The “architecture, algorithms, software [and] semiconductor chips embedded in Brocade’s fiber channel systems are what’s valuable to Broadcom,” Broadcom CEO Hock E. Tan told investors.
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