LTE stands for long-term evolution, a standard form of high-speed wireless communication for mobile devices. The assets will help Broadcom speed up the launch of its next generation of products in 2014.
The deal is set to close near the end of 2013, and will consist of Broadcom paying approximately $164 million for Renesas' assets.
In a statement, Broadcom President and CEO Scott McGregor said the transaction "firmly establishes Broadcom's presence in the rapidly growing LTE market with a production-ready, carrier-validated SoC," or system-on-chip, a circuit that integrates an entire computer system onto a single chip.
The Irvine, Calif., company said Wednesday that it expects the deal with the Japanese chipmaker to add to its adjusted earnings per share by 2015. The acquisition will cut into adjusted earnings per share by $0.12 in the fourth quarter and by $0.10 to $0.15 next year.
Broadcom on Wednesday also narrowed its revenue guidance for the third quarter to between $2.08 billion and $2.18 billion from its prior forecast of $2.05 billion to $2.2 billion.
Broadcom has seen its stock price drop from $33.21 at the beginning of 2013 to $25.26 per share, a 31% decrease. The company's annual revenue has risen 71% since 2008, from $4.6 billion to $8 billion.
-- Material from The Associated Press was used in this report.