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UPDATE 1-Broadcom to buy GPS product maker for $146 mln
June 12, 2007 / 12:53 PM / 10 years ago

UPDATE 1-Broadcom to buy GPS product maker for $146 mln

(Adds Broadcom comment, details on GPS, dateline)

NEW YORK, June 12 (Reuters) - Chip designer Broadcom Corp. (BRCM.O) said on Tuesday it agreed to buy Global Locate Inc., a privately held provider of global positioning system products and software, for about $146 million.

Broadcom may record a one-time charge for purchased in-process research and development expenses when the deal closes, but has not yet determined the amount, the company said in a statement.

GPS, a technology that helps identify location through radio signals transmitted from a system of satellites, is used in car navigation devices and is becoming an increasingly popular feature on mobile phones.

“With the acquisition of Global Locate, Broadcom will be the only semiconductor supplier in the world with top-tier customers in Bluetooth, Wi-Fi, FM radio and GPS, four of the key wireless technologies now being added to next-generation mobile phones,” Robert Rango, a Broadcom official, said in a statement.

The boards of directors of both companies have approved the deal, which is due to close during Broadcom’s third quarter that ends Sept. 30, it said.

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