United States: US-based computer chip maker, Broadcom has completed its acquisition of cloud computing firm VMware after China approved the $69 billion deal.
The approval comes after the Chinese President, Mr. Xi Jinping, and the US President, Mr. Joe Biden, met last week at the APEC summit in San Francisco.
Mr. Hock Tan, President, and Chief Executive Officer of Broadcom, stated that, “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.”
“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, ” Mr. Tan added.
Their goal is to establish private and hybrid cloud environments that enable users to run “apps anywhere.” VMware’s common stock will now cease to be traded on the New York Stock Exchange (NYSE), according to the company.
Regulators around the world had already cleared the deal, including the EU, Canada, Brazil, South Africa, and the UK. The US and China have been engaged in a trade war since 2018 when the then US President, Mr. Donald Trump, imposed tariffs and other trade barriers on China.
Broadcom is a global technology leader that designs, develops, and supplies semiconductor and infrastructure software solutions.
American Company VMware, headquartered in Palo Alto, California, develops virtualization software that allows a user to run a virtual computer on a physical computer to increase the efficiency of the computer system.
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