Avago Technologies announces deal to buy Broadcom for $37 billion

NEW YORK — Avago Technologies, which employs about 1,300 people in Fort Collins, is buying rival chipmaker Broadcom in a cash and stock deal worth about $37 billion.

The deal, announced Thursday, comes at a time when technology stocks are booming and the companies that make the guts for tablets and smartphones are looking for ways to grow aggressively.

Avago says the deal will give it the most diversified communications platform in the chip industry. The combined company will be worth $77 billion and is expected to post annual revenue of $15 billion.

Avago will pay $17 billion in cash, along with the…