UPDATE: Broadcom Ltd. (AVGO) Nearing Deal to Acquire Brocade Communications (BRCD) - Reuters

November 1, 2016 3:03 PM EDT

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(Updated - November 1, 2016 3:06 PM EDT)

Broadcom Ltd. (Nasdaq: AVGO) is nearing a deal to acquire Brocade Communications (Nasdaq: BRCD), according to Reuters, citing people familiar with the matter. A deal could be announced later this week.

If the deal succeeds, Broadcom would keep Brocade's fibre channel and storage business and aim to divest its networking business.

A deal isn't final and talks could still fall apart.

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