Broadcom $61bn VMware deal to go ahead after CMA approval
Semiconductor giant Broadcom has said it expects its acquisition of VMware to go through on schedule this year, after the United Kingdom's Competition and Markets Authority approved the deal.
In a statement, the company affirmed its expectation that its acquisition of VMware will close on October 30, 2023.
First announced last year, the US$61bn cash-and-stock deal will see the Broadcom Software Group be renamed VMware, and both organisations’ software portfolios will effectively be merged.
"Building upon our proven track record of successful M&A, this transaction combines our leading semiconductor and infrastructure software businesses with an iconic pioneer and innovator in enterprise software as we reimagine what we can deliver to customers as a leading infrastructure technology company,” Hock Tan, President and Chief Executive Officer of Broadcom, said at the time.
UK's CMA approval final legal step in Broadcom's VMware acquisition
The final transaction approval from the United Kingdom's Competition and Markets Authority follows legal merger clearance in the European Union, as well as in Australia, Brazil, Canada, Israel, South Africa, and Taiwan.
“Broadcom continues to work constructively with regulators in other jurisdictions and is in the advanced stages of the process toward obtaining the remaining required regulatory approvals, which Broadcom believes will be received before October 30, 2023,” the company said. “Accordingly, together with VMware, Broadcom has agreed to further extend the Outside Date as contemplated in the transaction agreement, as will be further described in a Form 8-K to be filed by VMware with the U.S. Securities and Exchange Commission.
“Broadcom is confident that the combination with VMware will enhance competition in the cloud and benefit enterprise customers by giving them more choice and control over where they locate their workloads.”
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