Broadcom Seeks To Sell Cellular Broadband Business

Irvine-based Broadcom announced Monday that it is seeking "strategic alternatives" for its cellular baseband chip business. According to Broadcom, it has engaged investment banking firm JP Morgan on an effort, and plans to either sell or wind down that business. Broadcom said the move would help reduce its annualized GAAP research and development, and selling, general and administrative expenses by approximately $700M. The company said it is hoping to invest a portion of those costs into its Broadband, Infrastructure and Connectivity businesses.