Broadcom completes acquisition of Beceem

IRVINE, USA: Broadcom Corp. has completed its acquisition of Beceem Communications Inc., a privately-held company that develops system-on-a-chip (SoC) solutions for LTE and WiMAX 4G connectivity.

In connection with the acquisition, Broadcom paid approximately $316 million, net of cash assumed, to acquire all of the outstanding shares of capital stock and other equity rights of Beceem.

The purchase price was paid in cash, except that the portion attributable to unvested employee stock options was paid in stock options exercisable for shares of Broadcom's common stock.

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 Beceem to be neutral to earnings in 2011.