Broadcom snares VisionTech
The largest cable modem maker, Broadcom, has snagged Israeli chipmaker VisionTech for approximately $776.6 million in stock. Broadcom hopes the buyout will help the company gain technology in the burgeoning sector of personal video recording.
This is Broadcom's twelfth acquisition this year.
The hot new technology of PVRs lets users freeze live TV broadcasts and replay or rewind a program while it is being watched. The technology will also troll channels to find programming that matches viewers programming preferences and record it for future viewing.
The deal is expected to close in 60 days. Broadcom stock opened at $98 ¼ but fell to $89 9/16 by mid-morning.