Broadcom completes acquisition of Provigent

IRVINE, USA: Broadcom Corp. has completed the acquisition of Provigent Inc., a leading provider of highly integrated, high performance, mixed signal semiconductors for microwave backhaul systems.

In connection with the acquisition, Broadcom paid approximately $313 million, net of cash assumed, to acquire all of the outstanding shares of capital stock and other rights of Provigent. The purchase price was paid in cash, except that a portion attributable to certain holders of unvested employee stock options will be provided in the form of Broadcom equity awards.

A portion of the cash consideration payable to the stockholders was placed into escrow. Excluding any purchase accounting related adjustments and fair value measurements, Broadcom expects the acquisition of Provigent to be approximately neutral to earnings per share in 2011.