Broadcom closes $3.7 billion NetLogic deal

"The NetLogic acquisition is a significant milestone in Broadcom's strategy to extend its communications infrastructure leadership and take advantage of the explosive growth in mobile and video traffic and the rise of cloud computing," said Broadcom CEO Scott McGregor. "This acquisition adds a high-margin, high-growth business that strongly increases the addressable market of our infrastructure and networking business."

Ron Jankov, NetLogic's former president and CEO, will become a senior vice president and general manager at Broadcom. He will report to Rajiv Ramaswami, executive vice president and general manager of Broadcom's Infrastructure & Networking Group.