(AVGO) - Get Report said late Wednesday it is acquiring CA Technologies
(CA) - Get Report for $18.9 billion in cash.
CA Technologies shareholders will receive $44.50 a share under the terms of the agreement, which both companies' boards have approved.
The price is roughly 20% above CA Technologies closing price Wednesday.
The move comes after the Trump administration blocked Broadcom's bid to acquire Qualcomm
(QCOM) - Get Report earlier this year on the basis of national security concerns.
Broadcom is also a key supplier of chips used in Apple
(AAPL) - Get Report iPhones.
Hock Tan, president and CEO of Broadcom, said, "This transaction represents an important building block as we create one of the world's leading infrastructure technology companies."
Apple is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AAPL? Learn more now.