Broadcom Ltd. secured as much as $100 billion of debt financing for its hostile bid for Qualcomm Inc. and enlisted two more big private-equity firms, strengthening the chip giant’s hand in the takeover battle.
A dozen banks — including Bank of America Corp. BAC, +1.98% , Citigroup Inc. C, +2.52% , Deutsche Bank AG DB, +0.58% , JPMorgan Chase & Co. JPM, +2.00% and Morgan MS, +0.68% have agreed to provide up to $100 billion of committed credit facilities, including a $5 billion revolver and bridge financing, according to people familiar with the matter.
Private-equity firms KKR & Co. and CVC Capital Partners agreed to join Silver Lake in providing $6 billion in convertible debt for the deal and postclosing working-capital needs, the people said.
Broadcom AVGO, +2.58% has been in pursuit of Qualcomm QCOM, +2.52% since November and has nominated a slate of directors that would be voted on at a meeting in early March. Broadcom a week ago raised its bid to $82 a share in cash and stock, or more than $120 billion. The commitments would enable Broadcom to fully fund the $60 a share cash portion of the bid.
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