Broadcom Closes VMware Deal After 18-Month Saga Ending in China [BNN Bloomberg (Canada)]
Vmware, Inc. Common stock, Class A (VMW)
Last vmware, inc. common stock, class a earnings: 2/27 04:15 pm
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Source: BNN Bloomberg
The transaction, worth $61 billion when it was announced in May 2022, pushes the chipmaker deeper into software. Broadcom Chief Executive Officer Hock Tan is using the deal to build a bigger foothold in so-called hybrid cloud services, which cater to businesses that store data both in their own facilities and outside server farms. “Together we are well positioned to enable global enterprises to embrace private and hybrid cloud environments, making them more secure and resilient,” he said in a statement Wednesday. But first, the acquisition had to clear a gauntlet of regulatory opposition, underscoring the difficulty of getting deals completed in 2023. The EU, UK, South Korea, Japan and other jurisdictions all weighed in on the transaction. Broadcom completed the takeover after getting approval from Chinese regulators earlier this week, but that blessing came with a list of conditions it must fulfill. There was no remaining legal impediment to closing in the US under merger regu
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