Qualcomm to buy Atheros for $3.2 billion
Qualcomm, the world's largest maker of mobile-phone chips, agreed to buy Atheros Communications for about $3.2 billion in cash, broadening its lineup of Wi-Fi networking technology.
Atheros investors will get $45 a share, Qualcomm said Wednesday in a statement. That's 22 percent more than Atheros's closing price on Monday, before reports about the purchase emerged.
Qualcomm, based in San Diego, aims to nab a bigger piece of the Wi-Fi market and escalate competition with Broadcom Corp. Qualcomm chief executive Paul Jacobs said that Atheros will provide a sales force and products tailored to consumer electronics and home networking, helping the company expand beyond mobile phones. "There's an opportunity for us to fan out our impact into other devices," Jacobs said.
The acquisition is Qualcomm's biggest since it went public in 1991, according to Bloomberg data. The deal may help Qualcomm win orders in new devices for its Snapdragon processor, which dominates the market for mobile phones running Google's Android operating system.
- Bloomberg News
Trading volume on Sunrise shares spikes
Sunrise Senior Living on Wednesday said that it declined to comment when contacted by the New York Stock Exchange regarding activity in its stock. Shares of the McLean-based assisted-living community operator leaped 74 cents, or 11.8 percent, to close at $7, after earlier hitting a 52-week high of $7.35.
The stock has had a three-day run in which it gained 28 percent, with no news released by the company. Trading volume has also been well above normal for three days. On Wednesday, nearly 3.4 million shares changed hands, more than five times the 100-day average of roughly 658,000. Tuesday's volume was more than twice normal, over 1.5 million. On Monday, trading was about 22 percent higher than normal, at nearly 800,000 shares.
Sunrise said its policy is not to comment on market activity or rumors. The company operates 320 communities in the United States, Canada and Britain.
- Associated Press