Broadcom Completes $69 Bn Acquisition Of Vmware After China’S Approval

2023-11-22 10:30:21

(MENAFN- IANS) San Francisco, Nov 22 (IANS) US-based hardware company Broadcom on Wednesday completed its $69 billion acquisition of desktop virtualization software provider VMware, after receiving regulatory approval in China.

VMware's common stock will now cease to be traded on the New York Stock Exchange (NYSE).

“We are excited to welcome VMware to Broadcom and bring together our engineering-first, innovation-centric teams as we take another important step forward in building the world's leading infrastructure technology company,” said Hock Tan, President and Chief Executive Officer of Broadcom.

“Broadcom has a long track record of investing in the businesses we acquire to drive sustainable growth, and that will continue with VMware for the benefit of the stakeholders we serve,” he added.

In August, the UK's Competition and Markets Authority (CMA) had approved Broadcom's purchase of VMware following an in-depth investigation.

In July, the European Commission (EC) had formally approved the acquisition, with certain conditions.

At the core, Broadcom will invest in VMware Cloud Foundation, the software stack that serves as the foundation of private and hybrid clouds.

VMware will offer a rich catalog of services to modernize and optimize cloud and edge environments, including VMware Tanzu to help accelerate deployment of applications, as well as Application Networking (Load Balancing) and Advanced Security services, and VMware Software-Defined Edge for Telco and enterprise edges.

--IANS

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