Broadcom Limited (AVGO) will raise its quarterly dividend to $1.02 per share. The dividend is payable on December 30, 2016 to shareholders or unitholders of record, as applicable, at the close of business on December 16, 2016.

“Fiscal 2016 was clearly transformative for our company with the acquisition of Broadcom Corporation. We finished the year on a very strong note, delivering a record level of revenue with 9 percent sequential revenue growth in the fourth quarter,” said Hock Tan, President and CEO of Broadcom Limited. “Reflecting the operating leverage from our larger scale and improved profitability, we announced today a doubling of our dividend.”

Broadcom Limited, an analog and digital semiconductor connectivity solutions maker, is the successor to Avago Technologies Limited following Avago’s acquisition of Broadcom Corporation (BRCM) on February 1, 2016.

Today’s dividend increase indicates an annualized rate of $4.08 per common share and a yield of approximately 2.4% based on the $170.71 closing price on December 8, 2016.

Broadcom Limited designs, develops and supplies semiconductor solutions. The company develops semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor, or CMOS, based devices and analog III-V based products. Original equipment manufacturers (OEMs) or their contract manufacturers, and distributors typically account for the substantial majority of the company's semiconductor sales. Broadcom Limited is the successor to Avago Technologies Limited following Avago’s acquisition of Broadcom Corporation (BRCM) on February 1, 2016.