Broadcom completes $69 billion acquisition of cloud technology company VMware

Broadcom has just announced that it has overcome all legal hurdles to complete the record-breaking $69 billion deal to acquire cloud technology company VMware.

On November 22, Broadcom announced that it had overcome the most difficult legal hurdle, after the Chinese government approved the record deal, allowing it to proceed in the near future. On November 20, China's state market regulator said that Broadcom's commitments to limit the impact of the merger, thus allowing the deal to proceed.

If completed, Broadcom's acquisition of cloud technology company VMware would set a record in the global technology industry.

Many businesses and public agencies, including major banks, retailers, telecom operators and government agencies, rely on Broadcom electronics and VMware software. VMware technology allows large corporations to combine public cloud access with Broadcom’s internal networks, helping them gain a stronger foothold in the cloud computing market. Broadcom’s acquisition of cloud technology company VMware has already received approval from the UK competition regulator. The European Commission, the EU’s top antitrust regulator and enforcer, also approved the deal after Broadcom made concessions to address antitrust concerns. In a separate statement, Broadcom also said the deal has been “green-lit” in Australia, Canada, Brazil, China, the European Union, Israel, South Africa, Japan, South Korea, the UK, and has received all necessary foreign investment control licenses. In this deal, Broadcom is expected to pay $ 61 billion in cash and stock for VMware, and also assume $ 8 billion in debt, making it one of the largest technology mergers and acquisitions ever. It took Broadcom 18 months to get all the regulatory approvals just days before the merger agreement was due to expire.

International

Source