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Broadcom completes acquisition of VMware

2023-11-23 18:53 by
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Broadcom Inc. today announced that it has completed its acquisition of VMware, Inc. VMware's common stock will now cease to be traded on the New York Stock Exchange. Broadcom is paying $61 billion in cash and stock for VMware and taking on $8 billion of its debt, making this one of the biggest technology deals ever.

Broadcom CEO Hock Tan explained the combined company will "enable global enterprises to embrace private and hybrid cloud environments, making them more secure and resilient."

The closing of the $69 billion agreement, first announced in May 2022, had been delayed three times by regulators concerned the combination would reduce competition. The last approval came yesterday when officials in China gave the go-ahead.

There had been concerns that the deal wouldn't go through because of tensions between the U.S. and China over President Joe Bide's new export sanctions on technology products. Those tensions eased somewhat last week when President Biden met with Chinese leader Xi Jinping at an economic cooperation conference in California.

Countless businesses and public bodies, including major banks, big retailers, telecom operators and government departments, rely on Broadcom gear and VMware software. The European Commission, the EU’s executive arm and top antitrust enforcer, cleared the deal after Broadcom made concessions to address its concerns about competition.

Read more -here-


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