Broadcom to Buy San Jose Developer of Switching Gear

Irvine-based Broadcom Corp. agreed to acquire a San Jose developer of switching equipment for stock worth $104 million in a bid to broaden its product line and improve its abilities to transmit voice, video and data services, the company said Monday.

Privately held Maverick Networks will receive 864,200 shares of Broadcom’s Class B stock, Broadcom said. The deal was announced after the markets closed Monday, when Broadcom’s stock ended the day up 25 cents to $120.25 a share in light trading.

Maverick’s products speed video, voice and data along enterprise networks using advanced switching technologies. The deal, which has been approved by both boards of directors, is expected to close in about 90 days and is subject to the approval of Maverick’s shareholders.

Maverick has 32 employees, 30 of whom are engineers.