TEL AVIV (Reuters) - U.S. chipmaker Broadcom BRCM.O will sign an agreement later on Tuesday to buy BroadLight, an Israel-based developer of processors, for $230 million, TheMarker financial news website reported.
BroadLight provides semiconductors and software for fiber-to-the-premises broadband access networks.
The two companies signed a letter of intent four months ago and have now completed negotiations, the Israeli website said.
Officials at BroadLight could not be reached for comment.
BroadLight was established in 2000 and has raised $55 million, according to TheMarker, from investors that include Azure Capital Partners, Benchmark Capital, Motorola Ventures and Star Ventures.
This would be Broadcom’s 10th acquisition in Israel, including Provigent, which it bought last year for $313 million.
It would be the latest in a series of deals in Israel’s high-tech sector. Last week Cisco Systems (CSCO.O) said it would pay $5 billion for NDS, a developer of pay TV software that was founded in Israel while Avaya AVXX.UL announced the acquisition of video conferencing firm Radvision RVSN.TA for $230 million.
In the medical devices sector, Covidien COV.N said on Monday it would pay about $300 million for Israel’s superDimension.
Reporting by Tova Cohen; Editing by Helen Massy-Beresford