Author: Naomi Cooper|| Date Published: July 13, 2023
The European Commission has approved Broadcom‘s (Nasdaq: AVGO) proposed $61 billion acquisition of multicloud services provider VMware (NYSE: VMW) following the completion of an in-depth review.
Broadcom said Tuesday the two companies believe combining their operations would not hamper cloud market competition and could provide enterprise customers more options for workload management.
In a separate statement, the commission said its decision is conditional upon compliance with the commitments offered by Broadcom to rule out possible competition concerns related to the supply of fibre channel host-bus adapters, storage adapters and network interface cards.
Broadcom first announced the cash-and-stock transaction in May 2022 as part of the semiconductor maker’s push to establish a leading information technology infrastructure company and VMware’s stockholders gave Broadcom the permission to go ahead with the deal at a special meeting held in November.
The transaction has also secured legal merger clearance in Australia, Brazil, Canada, South Africa and Taiwan.
Broadcom expects to close the merger in its 2023 fiscal year.
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