Broadcom Limited (AVGO) announced a proposal to acquire all of the outstanding shares of Qualcomm (QCOM) for per share consideration of $70.00 in cash and stock.

Under Broadcom’s proposal, the $70.00 per share to be received by Qualcomm stockholders would consist of $60.00 in cash and $10.00 per share in Broadcom shares. The Broadcom proposal stands whether Qualcomm’s pending acquisition of NXP Semiconductors (NXPI) is consummated on the currently disclosed terms of $110 per NXP share or the transaction is terminated. The proposed transaction is valued at approximately $130B on a pro forma basis, including $25B of net debt, giving effect to Qualcomm’s pending acquisition of NXP on its currently disclosed terms. Broadcom’s proposal was unanimously approved by its board. Broadcom said it is “prepared to engage immediately in discussions with Qualcomm to work toward a mutually acceptable definitive agreement and is ready to devote all necessary resources to finalize the necessary documentation on an expeditious basis.” The proposed transaction will not be subject to any financing condition. BofA Merrill Lynch, Citi, Deutsche Bank, J.P. Morgan and Morgan Stanley have advised Broadcom in writing that they are “highly confident that they will be able to arrange the necessary debt financing for the proposed transaction.” Silver Lake Partners, which has served as a strategic partner to Broadcom in prior transactions, has provided Broadcom with a commitment letter for a $5B convertible debt financing in connection with the transaction.

Broadcom expects that the proposed transaction would be completed within approximately 12 months following the signing of a definitive agreement.