Thursday, June 17, 2004

Broadcom to buy Zyray

Broadcom to buy Zyray for about $96 mln in stock

Media and communications chip maker Broadcom Corp said on Wednesday that it would buy Zyray Wireless Inc., which makes chips for mobile phones, for about $96 million worth of stock, or 2.23 million shares.

Irvine, California-based Broadcom also said it would cancel convertible notes of privately held Zyray which it previously bought for $3 million.

The deal is expected to close in the third quarter and Broadcom said it would take a charge of an undetermined amount at that time.

Zyray is a San Diego company that makes chips that enable new telecommunications technology, known as 3G, to be added to handsets and data terminals based on current technology. The companies said the chips will work with Broadcom's existing chips for handsets.

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