According to foreign media reports, sources revealed on Monday that network equipment manufacturer Brocade is currently discussing the sale. It is reported that Brocade's external sales process is in its final stage.
According to the source, chip maker Broadcom is currently one of Brocade's potential acquirers. However, no deal has been reached yet, and Brocade’s sale negotiations may still fail.
According to sources, the news of the acquisition of Brocade will be announced as soon as this week. At the close of last Friday, Brocade's share price has fallen by about 5% this year, with a market capitalization of about $3.5 billion. Brocade currently holds about $1.2 billion in cash and $1.5 billion in debt.
Driven by the news that the company will be acquired, Brocade shares surged 1.91 US dollars on the Nasdaq Stock Market regular trading on Monday, or 21.98%, to close at 10.60 US dollars. According to Monday's closing price, Brocade's market value has risen to 4.25 billion US dollars. As of now, Brocade and Broadcom spokespersons have not commented on this report.
Obtaining Brocade's network equipment business may be attractive to manufacturers of accessories such as Broadcom that manufacture switch chips. The acquisition of Brocade allows buyers to play a more role in developing data center equipment to meet cloud computing needs.
Through a series of mergers and acquisitions, Broadcom CEO Hock Tan has made the company's market value reach $67 billion. He has previously said that more M&A deals will be made in the market. Broadcom is currently producing chips that support network switches and control storage devices. These services are also the main source of revenue for Broadcom.
In the highly competitive network equipment market, the size of the current market leader Cisco has made Brocade dwarf. Network equipment customers are now moving away from Cisco's expertise in integrating hardware and software, and instead choose open source software and cheap hardware.
Brocade's revenue last year reached $2.3 billion, an increase of 2% from the previous year. This revenue is less than a quarter of the revenue of the Cisco switch business.
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