Broadcom planning to complete deal for $69 billion acquisition of VMWare after regulators give OK
Computer chip and software maker Broadcom says it has cleared all regulatory hurdles and plans to complete its $69 billion acquisition of cloud technology company VMware on Wednesday
SAN JOSE, California — Computer chip and software maker Broadcom has announced it has cleared all regulatory hurdles and plans to complete its $69 billion acquisition of cloud technology company VMware on Wednesday.
The company, based in San Jose, California, announced it planned to move ahead with the deal after China joined the list of countries that had given a go-ahead for the acquisition.
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.
The announcement came soon after Microsoft acquired video game-maker Activision Blizzard for $69 billion, also one of the most expensive tech acquisitions in history.
It took 18 months for Broadcom to get all the regulatory approvals, just days before the merger agreement was due to expire.
The acquisition was able to go ahead after China's State Administration of Market Regulation said Broadcom's commitments, submitted Monday, would reduce the impact of the merger.
The massive buyouts are occurring at a time of heightened anxiety because of turmoil on the global supply chain, war in Europe and the Middle East, and rising prices that have the potential to cool both business and consumer activity.
Broadcom's acquisition plan earlier gained approval from Britain’s competition regulator.
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
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