Qualcomm shares surge 15% on talk of takeover by Broadcom

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People crowd into the Qualcomm booth to view a series of new products during the annual Consumer Electronics Show on January 4, 2017 in Las Vegas, Nevada.

Broadcom is looking into a deal to acquire Qualcomm, according to a Bloomberg News report.

Broadcom is talking with advisors about a potential deal, which could be the biggest ever takeover of a chipmaker, the report said, citing people familiar with the matter. A bid could be for around $70 a share, Bloomberg reported. Qualcomm’s market value is $90 billion, according to FactSet.

Dow Jones then reported Broadcom plans to make a bid for Qualcomm as early as this weekend.

Shares of Broadcom are up nearly 5 percent Friday after the report, while Qualcomm’s stock surged more than 15 percent.

Broadcom did not immediately respond to requests for comment. A spokesperson for Qualcomm had no comment.