IRVINE, Calif. (AP) -- Chip maker Broadcom Corp. said Friday that one of its subsidiaries has agreed to buy a British data communications technology company, Innovision Research & Technology PLC, for $47.5 million in cash.
Broadcom International Ltd. is buying Innovision, which makes products that send information across distances as short as a few millimeters.
Stockholders of Innovision will get 35 pence per share (52 cents) for each Innovision shares they hold, or a total of 32 million pounds. The offer is 84 percent above the closing price of Innovision on Thursday.
The transaction is expected to close in the third quarter.
Shares of Broadcom, based in Irvine, Calif., fell 16 cents to $35.34 in afternoon trading.