Broadcom to Purchase VMware for approximately. $61 Billion
Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, is to acquire VMware, Inc. (NYSE: VMW), an Palo Alto, California-based innovator in enterprise software, for approx. $61 billion in cash-and stock transactions In addition, Broadcom will assume $8 billion of VMwarenet debt. The transaction, which is expected to be completed in Broadcom’s fiscal year 2023, is subject to the receipt of regulatory approvals and other customary closing conditions, including approval by VMware shareholders. VMware’s Chief Executive Officer Raghu Raghuram is the company’s chief executive officer. He pioneered virtualization technology that revolutionized x86 server-based computing. Today, its multi-cloud portfolio, spanning application modernization, cloud management, cloud infrastructure, networking, security and anywhere workspaces, forms a consistent digital foundation on which the largest and most dynamic enterprises across industries build, run, manage, connect and protect their most important and complex workloads for the benefit of their customers. Following the closing of the transaction, the Broadcom Software Group will rebrand and operate as VMware, incorporating Broadcom’s existing infrastructure and security software solutions as part of an expanded VMware portfolio. By bringing together the complementary Broadcom Software portfolio with the leading VMware platform, the combined company will provide enterprise customers an expanded platform of critical infrastructure solutions to accelerate innovation and address the most complex information technology infrastructure needs. Customers will be able to create, manage, connect, protect, and maintain applications at scale in diverse, distributed environments. With the combined company’s shared focus on technology innovation and significant research and development expenditures, Broadcom will deliver compelling benefits for customers and partners. Broadcom’s President and Chief Executive Officer is Hock Tan. He leads the company as it designs, develops, and supplies a wide range of semiconductor and infrastructure solutions. Broadcom’s product portfolio is available to a variety of markets, including industrial, data center, networking and enterprise software. It offers solutions for data center networking and storage, enterprise and mainframe as well as cyber security software for automation, monitoring and cybersecurity.