Broadcom closes $69 billion VMware deal after China approval
Broadcom closes $69 billion VMware deal after China approval (Source-TeleTrader.com) Broadcom successfully concluded its $69 billion acquisition of cloud-computing firm VMware on Wednesday, marking the closure of one of the largest global deals announced in May 2022. The acquisition, a strategic move by Broadcom CEO Hock Tan to bolster the chipmaker’s software business, faced extensive regulatory scrutiny worldwide, leading to three postponements of the closing date. The last major hurdle was cleared with China granting regulatory approval on Tuesday, alleviating concerns among investors who had feared complications due to heightened tensions between the U.S. and China over stricter chip export controls. The approval came after several delays and uncertainties, with the final green light contributing to a more positive market sentiment. Approval from the European Commission Danni Hewson, Head of Financial Analysis at AJ Bell, noted that the improved mood in the wake o...