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Broadcom said on Monday that it has lined as much as $100bn in debt financing to fund its $146bn hostile bid for Qualcomm, putting further pressure on its rival ahead of the two companies’ meeting this week.

A group of 12 banks have agreed to provide Broadcom with up to $100bn in credit facilities, including a $5bn revolving credit facility and bridge financing.

Private equity groups Silver Lake, KKR and CVC have also joined in, with an agreement to provide $6bn of convertible debt for the deal and post-closing working needs.

News of the financing comes as the two companies are prepared to meet for the first time this week to discuss Broadcom’s sweetened $82 per share proposal.

Qualcomm’s decision to give Hock Tan, the acquisitive chief executive of Broadcom, a chance to make the case for a combination is the first indication that the San Diego-based company could be open to a possible deal.

The sticking point is whether Mr Tan can convincingly reassure Qualcomm’s board that a combination to create a semiconductor juggernaut would win regulatory approval.

In a bid to assuage Qualcomm’s concern, Broadcom is offering to pay an $8bn break-up fee if the deal fails to win regulatory approval.

Qualcomm shareholders will meet on March 6 to vote on a Broadcom-backed proposal to unseat and replace the entire board of the US chipmaker, which would pave the way to a deal if the proposal is successful.

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