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Broadcom seeks EU antitrust approval for $61 bln VMware buy

Reuters · 11/15/2022 12:39
Broadcom seeks EU antitrust approval for $61 bln VMware buy

- 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 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 Nov. 20 whether to clear the deal. It can open a four-month investigation if it has serious concerns.

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.

Tech deals have drawn intense scrutiny from regulators around the world concerned about power being concentrated in a few players and the possibility of bigger companies acquiring startups only to shut them down.

(Reporting by Foo Yun Chee Writing by Charlotte Van Campenhout
Editing by Mark Potter)