iTWire - Broadcom purchase of VMware set to be completed by 30 October
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Wednesday, 23 August 2023 07:34
Broadcom purchase of VMware set to be completed by 30 October Featured
By Sam Varghese
Broadcom's purchase of VMware, first announced in May 2022, is expected to be finalised by 30 October, the company says in a statement, following the clearance of the deal by the UK's Competition and Markets Authority.
In a statement on Monday, Broadcom said it had received the UK approval came after the merger was given legal clearance in the EU, Australia, Brazil, Canada, Israel, South Africa, and Taiwan.
"In the US, the Hart-Scott-Rodino pre-merger waiting periods have expired, and there is no legal impediment to closing under US merger regulations," the company said.
The only remaining hurdle could be clearance from China where Broadcom earns enough to merit a review. Last week, Intel cancelled a US$5.4 billion deal to buy Tower Semiconductors after Chinese regulators gave it the thumbs down.
The CMA said in a statement on Monday it had identified concerns over the deal after an initial inquiry, enough to warrant a second look.
"An independent panel then conducted an in-depth investigation, considering new evidence and stakeholder feedback, and provisionally found that Broadcom’s proposed purchase of VMware would not substantially reduce competition in the supply of server hardware components in the UK," the agency said.
Richard Feasley, head of the panel, said: "Broadcom and VMware are US-based companies supplying hardware and software used by thousands of businesses and public bodies in the UK.
"Even if the UK market represents a small proportion of total sales in a merger, the CMA’s job is to scrutinise deals like this thoroughly to ensure they don’t harm competition in the UK.
"In this case, having carefully considered the evidence and found no competition concerns, we have concluded the deal can go ahead."
After the transaction is complete, the Broadcom Software Group will rebrand as VMware and include existing infrastructure and security software solutions as part of an expanded VMware portfolio.
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