Author: Jane Edwards|| Date Published: August 22, 2023
Semiconductor company Broadcom (Nasdaq: AVGO) has received final clearance from the U.K. government to acquire multicloud services provider VMware (NYSE: VMW) and expects to close the transaction by the end of October.
Broadcom said Monday it is in the advanced phases of the process of securing the remaining regulatory approvals before Oct. 30.
In May 2022, Broadcom agreed to buy VMware in a cash-and-stock transaction worth approximately $61 billion, plus $8 billion in assumed net debt, as part of its strategy to create a leading infrastructure technology company.
The approval from the U.K. Competition and Markets Authority came a month after the European Commission cleared the deal following the completion of an in-depth review.
The transaction has received legal merger clearance in Canada, Australia, Brazil, Israel, South Africa and Taiwan and faces no legal impediment in the U.S. under merger regulations. The waiting periods for the deal under the Hart-Scott-Rodino Antitrust Improvements Act have also expired.
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