Avago Technologies confirmed it is to acquire Broadcom for $37 billion in cash and shares. The latest merger in the semiconductor industry creates a company with annual revenues of $15 billion and a complete range of products for the fixed and wireless communications industries.

Avago’s CEO Hock Tan will lead the combined company, which will continue under the name Broadcom.

The transaction has been unanimously approved by the boards of directors of both companies, as well as a special committee of the independent directors of Broadcom. Closing of the deal is expected by the end of the first quarter of 2016, subject to approvals.

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