Broadcom Corp., the largest designer of chips for cable modems, said Thursday it has completed the acquisition of Mobilink Telecom Inc. for $129.5 million in stock, based on Thursday's closing price.
The Irvine company issued or set aside 5.61 million shares to exchange for all the stock of the Santa Clara designer of chips for mobile phones. Broadcom stock gained 67 cents Thursday to close at $23.08 a share.
Mobilink sells chips designed for mobile phones using the global system for mobile communications technology, the dominant standard worldwide. The mobile-phone chip market was worth $16 billion last year, according to market researcher Gartner Inc.