VMware, Broadcom extend merger closing deadline by three months | – #VMware #Broadcom #extend #merger #closing #deadline #months
Feb 17 (Reuters) – Cloud computing company VMware Inc ( VMW.N ) and chip maker Broadcom Inc ( AVGO.O ) will, according to regulatory filings on Friday, 61 billion extended the completion date of the dollar merger to 90 days.
The new “cut-off date” for the deal is May 26, the document said.
The Broadcom-VMware deal was one of the biggest announcements globally in 2022 and marked the chipmaker’s attempt to diversify into the enterprise software segment.
Broadcom’s move comes as regulators worldwide begin to scrutinize deals by Big Tech.
January Britain’s competition regulator said in February that it had launched the first phase of an investigation into the acquisition, while EU antitrust regulators said in February they were continuing their investigation and would decide on June 7 whether to cancel or block the deal.
A Broadcom spokeswoman said it’s common for acquisitions of this size to extend contract terms.
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“We continue to make progress with regulatory authorities around the world and expect the transaction to close in Broadcom’s fiscal year 2023,” the spokesperson said.
Reporting by Tiyashi Datta in Bengaluru; Edited by Shailesh Kuber and Leslie Adler
Our standards: Thomson Reuters Trust Principles.
2023-02-20 12:04:09
Source – reuters
Translation“24 HOURS”