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Apple expected to unveil USD 10 per month music service soon
2015-06-02 10:20:00| Telecompaper Headlines
(Telecompaper) Apple is expected to unveil a new USD 10 per month music streaming service during its developers conference next week, the Wall Street Journal reported, citing sources familiar with the plans. Unlike Spotify, which has an ad-supported service as well subscription, Apple will make only a handful of songs available for free listening, the sources said. Apple also plans to augment its free, ad-supported internet radio service with channels programmed and hosted by human DJs. People familiar with Apple's thinking say the company is prepared to cannibalize its download business in favor of streaming. While the company has been securing licensing deals with music companies, it has not yet closed deals with the big three, namely Vivendi's Universal Music Group, Sony's Sony Music Entertainment and Warner Music Group, owned by billionaire Len Blavatnik's Access Industries, according to people familiar with the talks. Many in the music industry expect such deals soon.
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Intel confirms Altera takeover for USD 16.7 billion
2015-06-01 15:53:00| Telecompaper Headlines
(Telecompaper) Intel confirmed an agreement to acquire chipmaker Altera for USD 16.7 billion. The offer of USD 54 cash per share is a 10.5 percent premium on Altera's last closing price. Altera's leading field-programmable gate array (FPGA) technology is expected to enable new classes of products for Intel to meet customer needs in the data centre and Internet of Things market segments. Intel said it plans to offer Altera's FPGA products with Intel Xeon processors as highly customized, integrated products. The companies also expect to enhance Altera's products through design and manufacturing improvements resulting from Intel's manufacturing model. Altera will become an Intel business unit to facilitate continuity of existing and new customer sales and support. Intel also plans to continue support and development for Altera's ARM-based and power management product lines. Intel expects the takeover to add to adjusted EPS and free cash flow in the first year after close. The deal should be completed within 6-9 months, pending regulatory clearance and approval by Altera shareholders.
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Snapchat raises USD 538 mln from new investors
2015-06-01 08:56:00| Telecompaper Headlines
(Telecompaper) Messaging app Snapchat is raising another USD 650 million in equity financing. According to a SEC filing, the company already raised USD 538 million of the round in recent months and targets a total USD 650 million. New investors in the latest round include Alibaba and the hedge funds Glade Brook Capital Partners and York Capital Management. The financing values Snapchat at USD 16 billion, a person familiar with the matter told the Wall Street Journal. This is 60 percent more than its previous funding round in December.
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Avago agrees Broadcom takeover for USD 37 bln
2015-05-28 15:00:00| Telecompaper Headlines
(Telecompaper) Avago Technologies confirmed an agreement to acquire Broadcom for USD 37 billion in cash and shares. The latest merger in the semiconductor industry creates a company with annual revenues of USD 15 billion and a complete range of products for the fixed and wireless communications industries. Avago's CEO Hock Tan will lead the combined company, which will continue under the name Broadcom. Henry Samueli, co-founder, CTO and chairman of Broadcom, will serve on the new company's board, as will one other director from Broadcom. Samueli will also remain CTO of the company and serve as strategic adviser. Under the terms of the deal, Avago will pay USD 17 billion cash and 140 million of its shares, valued at USD 20 billion according to the latest share price, for all of Broadcom's stock. Shareholders of Broadcom will be able to elect for cash, shares or a combination of the two. A pro rata allocation assuming 50 percent shares and 50 percent cash would give shareholders of Broadcom 32 percent of the new group. Avago will fund the cash consideration with cash on hand from the combined companies and a new debt facility from a bank consortium worth USD 9 billion. The transaction has been unanimously approved by the boards of directors of both companies, as well as a special committee of the independent directors of Broadcom. Closing of the deal is expected by the end of the first calendar quarter of 2016, subject to regulatory and shareholder approvals.
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Avago in talks to buy Broadcom for USD 35 bln - report
2015-05-28 09:25:00| Telecompaper Headlines
(Telecompaper) Chipmaker Avago Technologies is expected to soon announce its takeover of Broadcom for about USD 35 billion, the Wall Street Journal reported, with sources saying the two companies were in advanced talks. An acquisition of Broadcom valued at USD 35 billion would be the largest semiconductor takeover ever, according to market watchers. Earlier this month, reports noted Avago was looking to buy a fellow chipmaker and that it had reached out to Xilinx, Renesas Electronics and Maxim Integrated Products.
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