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Breaking News: EU Greenlit Broadcom's VMware Takeover with Conditions

  • July 12th, 2023
  • 235 views

The European Commission has given its approval, subject to conditions, for the acquisition of VMware, Inc. (NYSE: VMW) by Broadcom Inc. (Nasdaq: AVGO). The decision follows an in-depth investigation into the proposed acquisition. Broadcom, a US-based hardware company specializing in products like Fibre Channel Host-Bus Adapters (FC HBAs) and Network Interface Cards (NICs), has been expanding into software markets. VMware, a US-based software supplier known for virtualization software, offers interoperability with various hardware components, including FC HBAs and NICs.

The Commission's investigation found that Broadcom's acquisition of VMware could potentially limit competition in the supply of FC HBAs. However, the investigation ruled out concerns related to NICs, storage adapters, the development of SmartNICs, and the bundling of Broadcom's virtualization software with VMware's.

To address the Commission's concerns, Broadcom offered comprehensive commitments to ensure access and interoperability for Marvell Technology, Inc. (Nasdaq: MRVL), the main rival in the FC HBA market. These commitments include guaranteed access to interoperability APIs, source code for Broadcom's FC HBA drivers, and an organizational separation between Broadcom's FC HBA team and the team responsible for third-party certification and support.

The Commission's decision is conditional upon Broadcom's full compliance with the commitments for a period of ten years. An independent trustee will oversee compliance, and a fast-track dispute resolution mechanism will be in place. The decision aims to maintain competition in the FC HBA market.

Margrethe Vestager, Executive Vice-President in charge of competition policy, emphasized that the commitments offered by Broadcom will enable Marvell to compete on equal footing and ensure similar protection for future entrants.

During pre-market trading, $VMW stands at $156.00, reflecting a gain of $4.47 (+2.95%). $AVGO is trading at $887.40, with a modest increase of $5.35 (+0.61%). Meanwhile, $MRVL is currently trading at $62.65, showing a slight rise of $0.50 (+0.80%).

 

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY OR DIGITAL ASSET. Please consult with a professional investment advisor before purchasing or selling any securities viewed on or mentioned herein. (Read Full Disclaimer)

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