Qualcomm and Broadcom are both rising on news of the largest-ever tech takeover (QCOM, AVGO)

Qualcomm CEO Steve Mollenkopf

Broadcom announced an offer of $130 billion for Qualcomm on Monday.
Shares of both companies are rising after the news.
The deal, if it goes through, would be the largest-ever takeover in tech.
Click here to watch Qualcomm's stock price move in real time.

Broadcom released details of its proposed takeover of Qualcomm on Monday, and shares of both companies are rising on the news.

Broadcom is up 2.31% to $279.95 and Qualcomm is up 4.57% to $64.63.

Broadcom said on Monday that it is offering Qualcomm $60 in cash per share and $10 per share in Broadcom stock, valuing the deal at about $130 billion.

The deal represents a 28% premium to Qualcomm's share price prior to rumors of the deal which sent the stocks higher last week. As of Monday, shares of Qualcomm are still about 8% lower than the $70 per share offer price.

The deal stands regardless of the results of Qualcomm's $110 per share bid for NXP Semiconductors, Broadcom said in a news release. Qualcomm recently agreed to buy NXP for a total of $47 billion in an all-cash deal.

Qualcomm is currently in a multi-front legal battle with Apple, as the iPhone maker accused Qualcomm of misusing its massive collection of patents for essential smartphone components.

A combined Broadcom and Qualcomm would represent the third-largest chipmaker for smartphones behind Intel and Samsung, according to Bloomberg.

Broadcom is up 56.32% this year.