Author: Naomi Cooper|| Date Published: November 7, 2022
Broadcom‘s (Nasdaq: AVGO) bid to purchase VMware (NYSE: VMW) via an approximately $61 billion cash-and-stock transaction has secured the approval of stockholders at the cloud and virtualization technology vendor.
VMware’s shareholders voted in favor of the acquisition at a special meeting held Friday, the company said.
The vote occurred five months after VMware’s board of directors unanimously approved the merger agreement proposal from Broadcom in the latter’s strategy to expand its presence in the infrastructure technology sector.
Broadcom, which makes semiconductors and infrastructure software products, expects to complete the acquisition in its 2023 fiscal year, which runs from November to October.
The chipmaker plans to integrate its software group into the VMware brand and incorporate current infrastructure and security software offerings into the latter’s portfolio.
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