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☆ Broadcom's $69 bln VMware deal wins provisional UK clearance
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] 3D printed clouds and figurines are seen in front of the VMware cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/IllustrationLONDON, July 19 (Reuters) - Britain's competition regulator provisionally cleared U.S. tech company Broadcom's (AVGO.O) $69 billion purchase of VMware (VMW.N) on Wednesday, saying the deal would not weaken competition in the supply of critical computer server products. The proposed deal has highlighted chipmaker Broadcom's aim to diversify into enterprise software, but comes as regulators worldwide ramp up scrutiny of deals by Big Tech. Broadcom welcomed the unconditional approval, saying it expects to close the deal in the current fiscal year. The $69 billion deal, consisting of $61 billion in equity and the rest in debt, is also being examined by U.S. Federal Trade Commission.

Persons: Dado Ruvic, Muvija M, Paul Sandle, William James, Jane Merriman Organizations: VMware, REUTERS, Broadcom's, Union, Broadcom, CMA, Big Tech, U.S . Federal Trade Commission, Activision, Thomson Locations: British

☆ Nasdaq leads Wall St to higher close as CPI report lifts sentiment
▼ + stars: | 2023-07-12 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Shares of big tech-related companies, which tend to be sensitive to higher interest rates, gave the S&P 500 its biggest boost. The Labor Department report also showed the smallest monthly gain in underlying consumer prices since August 2021. The S&P 500 banks index (.SPXBK) was up 0.6%. Advancing issues outnumbered declining ones on the NYSE by a 3.23-to-1 ratio; on Nasdaq, a 1.93-to-1 ratio favored advancers. The S&P 500 posted 66 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 129 new highs and 42 new lows.

Persons: Michael James, Quincy Krosby, Marvel, Janet Yellen's, Caroline Valetkevitch, Johann M Cherian, Shashwat Chauhan, Shinjini Ganguli, Nick Zieminski, David Gregorio Our Organizations: Nvidia, Broadcom, Dow, Nasdaq, Reserve, CPI, Wedbush Securities, Dow Jones, Labor Department, JPMorgan Chase, chipmaker Broadcom, VMware, Marvell Technology, Treasury, NYSE, Thomson Locations: Los Angeles, North Carolina, U.S, York, China, Beijing, Bengaluru

☆ Broadcom's $61 billion VMware deal wins conditional EU antitrust OK
▼ + stars: | 2023-07-12 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 12 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) secured EU antitrust approval on Wednesday for its $61 billion proposed acquisition of cloud computing firm VMware (VMW.N) after offering remedies to help rival Marvell Technology (MRVL.O). The deal, Broadcom's largest ever, will help the chipmaker diversify into enterprise software. Broadcom offered Marvell and other rivals interoperability commitments related to its Fibre Channel Host-Bus Adapters (FC HBAs), a kind of storage adapters, the European Commission said, confirming a Reuters story last month. Marvell and other rivals will also have guaranteed access to the source code for all of Broadcom's current and future FC HBA drivers through an irrevocable open source license. "The commitments offered by Broadcom will enable its only rival Marvell, to continue competing on equal footing and ensure a similar protection for any future entrants," EU antitrust chief Margrethe Vestager said in a statement.

Persons: Marvell, Margrethe Vestager, Foo Yun Chee, Jason Neely Organizations: chipmaker Broadcom, VMware, Marvell Technology, Broadcom, Marvell, Fibre, HBAs, European Commission, Reuters, FC HBAs, FC HBA, U.S . Federal Trade Commission, European Union, Thomson Locations: BRUSSELS, Australia, Brazil, Canada, South Africa, Taiwan

☆ EU to green light Broadcom's VMware deal on Wednesday, source says
▼ + stars: | 2023-07-11 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

[1/2] A smartphone with a displayed Broadcom logo is placed on a computer motherboard in this illustration taken March 6, 2023. Broadcom is a leading supplier of FC HBAs, which are storage adapters that connect servers to storage located outside the server on a storage-area network using the fiber channel protocol. The VMware deal is Broadcom's largest-ever acquisition as it looks to diversify into enterprise software. The European Commission declined to comment. The U.S. Federal Trade Commission and the UK competition agency are also examining the deal.

Persons: Dado Ruvic, Foo Yun Chee, Mark Porter Organizations: Broadcom, REUTERS, chipmaker Broadcom, VMware, Reuters, HBAs, Marvell Technology, FC HBAs, European, U.S . Federal Trade Commission, Thomson Locations: BRUSSELS

☆ Broadcom to invest in a $1 billion EU-funded chip programme in Spain
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

MADRID, July 7 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) will invest in a European Union-funded programme to develop a semiconductor industry in Spain, Chief Executive Charlie Kawwas said late on Thursday. "Excited to announce our decision to invest in Spain's semiconductor ecosystem under their semiconductor support program," Kawwas said on his Twitter account. The project in which Broadcom would be involved could be worth $1 billion, the Spanish economy ministry said in an emailed statement. Broadcom did not say how much it would invest. Prior to Broadcom, the Spanish government had said U.S. tech giant Cisco Systems Inc. (CSCO.O) was planning to open a new chip design centre in the northeastern Spanish city of Barcelona.

Persons: Charlie Kawwas, Kawwas, Inti Landauro, Belen, Mark Potter Organizations: chipmaker Broadcom, Broadcom, Cisco Systems Inc, EU, Thomson Locations: MADRID, Union, Spain, Spanish, Europe, Barcelona

☆ Exclusive: Broadcom set to win EU nod for $61 bln VMware deal, sources say
▼ + stars: | 2023-06-12 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

The EU antitrust watchdog, which is scheduled to decide on the deal by July 17, and Broadcom declined to comment. One of the remedies focuses on Fibre Channel Host-Bus Adapters (FC HBAs) and is targeted at rival Marvell Technology, one of the people said. Marvell Technology did not respond to a request for comment. FC HBAs are storage adapters that connect servers to storage located outside the server on a storage-area network using the fiber channel protocol, typically through a switch. Broadcom is a leading supplier of FC HBAs.

Persons: Foo Yun Chee, Kirsten Donovan Organizations: chipmaker Broadcom, VMware, Broadcom, HBAs, Marvell Technology, FC HBAs, Thomson Locations: BRUSSELS, EU

☆ Buy Broadcom thanks to an undervalued artificial intelligence portfolio, Bank of America says
▼ + stars: | 2023-06-02 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Bank of America thinks chipmaker Broadcom can thrive in the ongoing artificial intelligence boom. The bank raised its price target on the stock to $950 from $800 and reiterated its buy rating. This outlook contributes to BofA's forecast of fiscal year 2024 sales and earnings per share of $39.4 billion and $46.59 per share, respectively. Broadcom could add more to sales and EPS thanks to AI exposure. AVGO YTD mountain Broadcom stock has added nearly 42% from the start of the year.

Persons: chipmaker, Vivek Arya, BofA, Arya, — CNBC's Michael Bloom Organizations: of America, chipmaker Broadcom, Broadcom

☆ VMware employees are increasingly concerned over Broadcom's pending $61 billion acquisition, predicting spinouts of business units, layoffs, and lost customers
▼ + stars: | 2023-05-26 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +14 min

Broadcom and VMware announced the $61 billion deal last year and recently pushed back the deadline as it undergoes regulatory scrutiny. Insider spoke with one former and four current VMware employees about the changes they expect to face once they are owned by the chipmaker Broadcom. A VMware spokesperson said in a statement that after the deal closes, VMware customers will obtain "more choice and flexibility" in managing their IT needs, especially across multiple cloud-computing services. Executives leaving VMwareVMware has lost several key executives since the Broadcom deal was announced (including several defecting to VMware's archrival Nutanix). "Nonetheless, I've continued to see questions in press reports about whether we intend to raise prices on VMware products.

Persons: —, Sanjay Poonen, Patrick Morley, haven't, Robert Ruelas, EUC, Kit Colbert, hasn't, Zane Rowe, Tom Gillis, Mark Lohmeyer, Ajay Patel, Kal, Karen Egan, Tom Kellermann, Raghu Raghuram, Hock Tan, Colbert, Tan, Hock E, Lucas Jackson, I've Organizations: VMware, Employees, Broadcom, SEC, Carbon, Symantec, Workers, Tech, VMware hasn't, VMware Employees, VMware VMware, Nutanix, Raghuram, Reuters

☆ Broadcom offers VMware interoperability remedies to address EU concerns
▼ + stars: | 2023-05-17 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, May 17 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) has offered interoperability remedies in an effort to address European Union antitrust concerns over its $61 billion VMware (VMW.N) bid, people familiar with the matter said. Broadcom submitted its proposal on Tuesday, a European Commission filing showed. The EU competition enforcer, which did not provide details in line with its policy, extended its deadline for a decision to July 17. Broadcom may restrict competition in some hardware components which interoperate with VMware's virtualisation software, the Commission warned the company last month as it laid out its concerns. "While we maintain that this deal does not present any competition issues, we have made a proposal to address fully the concerns expressed by the European Commission," said Broadcom.

☆ EU antitrust regulators extend decision on Broadcom, VMware deal to June 26
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, May 12 (Reuters) - EU antitrust regulators extended on Friday their deadline for a decision on U.S. chipmaker Broadcom's (AVGO.O) proposed $61 billion bid for cloud computing firm VMware (VMW.N) by three days to June 26. The deadline was extended in agreement with the companies, a European Commission spokesperson said. Broadcom Chief Executive Hock Tan last week sought to convince the European Commission of the merits of the deal at a closed hearing. The company is expected to offer remedies in the coming days. Reporting by Foo Yun Chee, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Broadcom seeks to convince EU antitrust regulators on $61 bln VMware deal
▼ + stars: | 2023-05-05 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

[1/2] 3D printed clouds and figurines are seen in front of the VMware cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/IllustrationBRUSSELS, May 5 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) on Friday will try to convince EU antitrust enforcers that its proposed $61 billion bid for cloud computing company VMware (VMW.N), which has triggered regulatory scrutiny on both sides of the Atlantic, is pro-competitive. Broadcom's request for the hearing came after the Commission last month warned the deal may restrict competition in the market for certain hardware components which interoperate with VMware's software. Broadcom is expected to offer remedies in the coming days after the oral hearing. The EU deadline for a decision is June 21 which will be extended once concessions are submitted.

☆ EU says Broadcom's takeover of VMware could hurt competition
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, April 12 (Reuters) - The European Commission on Wednesday said the proposed $61 billion takeover by U.S. chipmaker Broadcom (AVGO.O) of cloud computing company VMware (VMW.N) could restrict competition in the market for certain hardware components. The commission said it had informed Broadcom of its preliminary view, which is the result of an in-depth investigation of the takeover that was opened late last year. Broadcom now has the opportunity to reply to the commission's objections and to request an oral hearing. Reporting by Bart Meijer; Editing by GV De ClercqOur Standards: The Thomson Reuters Trust Principles.

Broadcom (AVGO.O) agreed to buy the cloud computing and virtualisation company last year to diversify into enterprise software. Britain's Competition and Markets Authority (CMA) said on Wednesday the deal could dampen innovation and drive up the cost of computer parts and software for servers. "Servers are a vital building block, functioning largely thanks to hardware products made by firms like Broadcom, working in unison with virtualisation software from firms like VMware," said CMA Executive Director David Stewart. The regulator said Broadcom had five working days to address its concerns, after which it would decide within a further five days whether to refer the deal to an in-depth investigation. The EU competition enforcer, which declined to comment on the report, will make a decision by June 21.

☆ UK considering in-depth probe into Broadcom-VMware merger
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 22 (Reuters) - Britain's competition regulator said on Wednesday it was considering whether to refer U.S. chipmaker Broadcom's (AVGO.O) $61 billion acquisition of VMware (VMW.N) for an in-depth probe after finding the deal could harm competition. The Competition and Markets Authority (CMA) said the deal could make computer servers more expensive for British businesses. "Servers are a vital building block, functioning largely thanks to hardware products made by firms like Broadcom, working in unison with virtualisation software from firms like VMware," said CMA Executive Director David Stewart. The regulator said Broadcom now had five days to offer legally binding proposals to address its concerns, after which it would decide within a further five days whether to refer the deal to a in-depth investigation. Reporting by Muvija M and Paul Sandle; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ EU watchdog extends deadline on Broadcom-VMware decision to June 21
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, March 14 (Reuters) - EU antitrust regulators have extended their decision on U.S. chipmaker Broadcom's (AVGO.O) proposed $61 billion takeover of cloud computing company VMware (VMW.N) by two weeks to June 21, the European Commission said on Tuesday. The EU competition watchdog said the extension was agreed with Broadcom, which is looking to diversify into enterprise software. The Commission is expected to warn Broadcom about potential anti-competitive effects of the proposed deal in the coming weeks, sources close to the matter have told Reuters. The U.S. and UK antitrust agencies are also investigating the proposed acquisition. Reporting by Foo Yun Chee Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Broadcom faces EU antitrust warning on $61 billion VMware deal - sources
▼ + stars: | 2023-02-27 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

[1/2] The Broadcom Limited company logo is shown outside one of their office complexes in Irvine, California, U.S., March 4, 2021. REUTERS/Mike Blake/File PhotoBRUSSELS, Feb 27 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) is set to receive an EU antitrust warning about the possible anti-competitive effects of its proposed $61 billion bid for cloud computing company VMware (VMW.N) in the coming weeks, people familiar with the matter said. The EU competition enforcer, which will decide on the deal by June 7, declined to comment. Broadcom said it will continue its "constructive work" with the Commission. Reporting by Foo Yun Chee, Editing by Louise Heavens and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ VMware, Broadcom extend merger close deadline by three months
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

Feb 17 (Reuters) - Cloud computing company VMware Inc (VMW.N) and chipmaker Broadcom Inc (AVGO.O) extended the date by which their $61 billion merger is to be completed by 90 days, according to a regulatory filing on Friday. The new "outside date" for the deal is May 26, the filing said. Broadcom's move comes as regulators worldwide ramp up scrutiny of deals by Big Tech. A Broadcom spokesperson said it was common for acquisitions of this size to extend their deal deadline. Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ UK competition watchdog probes $61 bln Broadcom-VMware deal
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

Jan 25 (Reuters) - Britain's competition regulator said on Wednesday it had started the first phase of an investigation into U.S. chipmaker Broadcom Inc's (AVGO.O) $61 billion acquisition of cloud-computing firm VMware Inc (VMW.N). The Competition and Markets Authority (CMA) said in November it was investigating whether the deal between the two U.S.-listed companies could substantially hurt competition in Britain, adding that it had until March 22 to decide. The Broadcom-VMware deal was one of the biggest announcements globally in 2022, marking the chipmaker's attempt to diversify into the enterprise software segment. Broadcom and VMware did not immediately respond to Reuters' requests for comment. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ EU opens antitrust probe into Broadcom's $61 bln VMware bid
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

PARIS, Dec 20 (Reuters) - European antitrust regulators have opened an in-depth investigation into U.S. chipmaker Broadcom's (AVGO.O) proposed $61 billion bid for cloud computing company VMware (VMW.N), the European Commission said on Tuesday. Reuters reported on Dec. 9 that the Commission was set to open a full-scale investigation into the deal, the second biggest globally so far this year. Broadcom on Tuesday reiterated that it continued to expect the transaction would close in its fiscal year 2023, adding it would continuing to work with the European Commission. The proposed acquisition underlines Broadcom's ambition to diversify into enterprise software, but comes as regulators worldwide ramp up scrutiny of deals by Big Tech. Reporting by Foo Yun Chee, Editing by GV De Clercq and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ EU opens antitrust probe into Broadcom's $61 billion VMware bid
▼ + stars: | 2022-12-20 | by ( ) www.cnbc.com time to read: +2 min

European antitrust regulators have opened an in-depth investigation into U.S. chipmaker Broadcom's proposed $61 billion bid for cloud computing company VMware , the European Commission said in a statement on Tuesday. "The Commission is particularly concerned that the transaction would allow Broadcom to restrict competition in the market for certain hardware components which interoperate with VMware's software," the Commission said in a statement. Reuters reported on Dec. 9 that the Commission was set to open a full-scale investigation into the deal, the second biggest globally so far this year. The proposed acquisition underlines Broadcom's ambition to diversify intoenterprise software, but comes as regulators worldwide ramp up scrutiny of deals by Big Tech. Broadcom said earlier this month that it was confident the deal would close and be completed in its fiscal 2023.

☆ Broadcom faces EU antitrust probe into $61 bln VMware deal - sources
▼ + stars: | 2022-12-09 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 9 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) is set to face a setback in its $61 billion bid for cloud computing company VMware (VMW.N) with EU antitrust regulators poised to open a full-scale investigation into the deal, people familiar with the matter said. The company had a so-called state of play meeting with European Commission officials earlier this week, the people said. The EU competition enforcer, which is scheduled to finish its initial scrutiny of the deal on Dec. 20, declined to comment. Broadcom said it anticipates that the time-line for the review process would be extended in other key regions due to the size of deal. "Having said that, we're still confident that this transaction will close and be completed in our fiscal 2023," the company said.

Nov 21 (Reuters) - Britain's competition regulator said on Monday it was looking into whether U.S. chipmaker Broadcom Inc's (AVGO.O) $61 billion acquisition of cloud computing company VMware Inc (VMW.N) may substantially lessen competition. The Broadcom-VMware deal, announced in May, is the second biggest globally so far this year and marks Broadcom's attempt to diversify its business into enterprise software. The companies are also seeking European Union antitrust approval. The Competition and Markets Authority (CMA) is inviting comments from interested parties by Dec. 6 to help it with an assessment on whether to formally launch an investigation into the Broadcom-VMware deal. Reporting by Radhika Anilkumar in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Broadcom seeks EU antitrust approval for $61 bln VMware buy
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Nov 15 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) is seeking European Union antitrust approval for its $61 billion bid for cloud computing company VMware (VMW.N), Broadcom said on Tuesday in a statement. "We are confident that this deal does not present any competition issues and look forward to working with the European Commission throughout this process", the company said. The EU competition watchdog will decide by Dec. 20 whether to clear the deal. Announced in May, the deal is the second biggest globally so far this year and marks Broadcom's attempt to diversify its business into enterprise software. (This story has been corrected to fix EU decision date to Dec. 20 from Nov. 20)Reporting by Foo Yun Chee Writing by Charlotte Van Campenhout Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Chip stocks have had a tough year — but one looks 'really inviting,' fund manager says
▼ + stars: | 2022-10-20 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

Semiconductor stocks have been beaten down all year — thanks to waning chip demand and the easing of supply chain disruptions that hobbled the sector at the peak of the Covid pandemic. The iShares Semiconductor ETF is down around 44% year-to-date — a bloodbath even by this year's bear market standard. Hedge fund manager David Neuhauser said he believes Intel now looks "really inviting," with the company having lost a significant chunk of its market value so far this year. So, if there was one stock I would look at, it would be Intel today," Neuhauser said. Against the backdrop of these macro headwinds and intensifying competition in the sector, chip companies are looking to bolster their position.

☆ Broadcom banks on early EU approval of $61 billion VMware deal
▼ + stars: | 2022-10-16 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Oct 17 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) will seek early European Union antitrust approval of its proposed $61 billion buy of cloud computing company VMware (VMW.N) by pointing to competition from Amazon (AMZN.O), Microsoft (MSFT.O) and Google (GOOGL.O), people familiar with the matter said. Announced in May, the deal is the second biggest globally so far this year and marks Broadcom's attempt to diversify its business into enterprise software. Register now for FREE unlimited access to Reuters.com Register"This (deal) is creating more competition in the cloud market where there are very big players now. Broadcom has yet to seek EU approval for the deal. "This should be a first phase investigation based on the facts," the person said, referring to the EU preliminary merger review.

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