BREAKING: Computer chip and software maker Broadcom will spend about $61 billion to acquire the cloud technology company VMware, one of the biggest deals of the year despite rising inflation and some economic uncertainty.
As part of the transaction, VMware shareholders can choose to receive either $142.50 in cash or 0.2520 shares of Broadcom common stock for each VMware share.The Broadcom Software Group will rebrand and operate as VMware once the transaction closes.It’s anticipated that current Broadcom shareholders will own approximately 88% and current VMware shareholders will own about 12% of the combined company.
The boards of both companies have approved the deal, which is expected to be completed in Broadcom’s fiscal year 2023.
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