Qualcomm CEO Steve Mollenkopf

Broadcom released details of its proposed takeover of Qualcomm on Monday, and shares of both companies are rising on the news.

Broadcom is up 2.31% to $279.95 and Qualcomm is up 4.57% to $64.63.

Broadcom said on Monday that it is offering Qualcomm $60 in cash per share and $10 per share in Broadcom stock, valuing the deal at about $130 billion.

The deal represents a 28% premium to Qualcomm’s share price prior to rumors of the deal which sent the stocks higher last week. As of Monday, shares of Qualcomm are still about 8% lower than the $70 per share offer price.

The deal stands regardless of the results of Qualcomm’s $110 per share bid for NXP Semiconductors, Broadcom said in a news release. Qualcomm recently agreed to buy NXP for a total of $47 billion in an all-cash deal.

Qualcomm is currently in a multi-front legal battle with Apple, as the iPhone maker accused Qualcomm of misusing its massive collection of patents for essential smartphone components.

A combined Broadcom and Qualcomm would represent the third-largest chipmaker for smartphones behind Intel and Samsung, according to Bloomberg.

Broadcom is up 56.32% this year.

Read more about the proposed deal here.

Qualcomm stock price

SEE ALSO: Broadcom offers to buy Qualcomm in what would be the largest tech deal ever

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