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Networking Gear Maker Brocade Is In Advanced Acquisition Talks

October 31, 2016, 5:59 PM UTC
Photograph by Getty Images

Network gear maker Brocade Communications is in advanced talks to sell itself, Bloomberg reported on Monday, citing people familiar with the matter.

Broadcom is one of the interested potential buyers and an acquisition of Brocade could be announced as soon as this week, according to the Bloomberg report.

Brocade’s shares (BRCD) were up 20.7% at $10.49 in afternoon trading. At Friday’s close of $8.69, the company had a market capitalization of about $3.5 billion.

Brocade and Broadcom did not immediately respond to requests for comment.