Looks like the rumors were true: Broadcom is making an offer to buy Qualcomm.

Broadcom today confirmed that it's made a proposal to buy Qualcomm for $130 billion. The deal would have a per share consideration of $70 in cash and stock, consisting of $60 of cash and $10 per share in Broadcom shares, which is a 28 percent premium over the closing price of Qualcomm common stock on November 2nd, 2017.

Hock Tan, Broadcom CEO, says that his company's offer is compelling for stockholders in both companies, giving Qualcomm stockholders a "substantial and immediate premium in cash for their shares." Broadcom also claims that the deal would "create a leading diversified communications semiconductor company" because Qualcomm's cellular business is complementary to Broadcom's portfolio.

This offer was unanimously approved by Broadcom's board of directors, and so now Broadcom will get into negotiations with Qualcomm to try and get it on board as well. Even if the two companies agree to a deal, it'll be subject to regulatory approval.