{"id":51117,"date":"2023-08-21T10:21:32","date_gmt":"2023-08-21T14:21:32","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/vmware-broadcom-shares-rise-as-u-k-competition-authority-clears-deal\/"},"modified":"2023-08-21T10:21:33","modified_gmt":"2023-08-21T14:21:33","slug":"vmware-broadcom-shares-rise-as-u-k-competition-authority-clears-deal","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51117","title":{"rendered":"VMWare, Broadcom shares rise as U.K. competition authority clears deal"},"content":{"rendered":"
\n

A previous version of this article gave incorrect information on U.S. regulatory proceedings.<\/p>\n

\n

Following an \u201cin-depth\u201d Phase 2 investigation, the U.K.\u2019s Competition and Markets Authority (CMA) on Monday cleared Broadcom Inc.\u2019s
\n AVGO,
\n +2.51%<\/bg-quote>
\n $69 billion buy of VMware Inc.
\n VMW,
\n +4.55%<\/bg-quote>.<\/span>
\n In a statement, the CMA said it \u201cprovisionally found that Broadcom\u2019s proposed purchase of the seller of software products VMware would not substantially reduce competition in the supply of server hardware components in the U.K.\u201d The panel also concluded that the deal was unlikely to hurt innovation. EU competition authorities last month cleared the deal, which was first announced in May 2022, In a statement, Broadcom said that it expects the transaction will close on Oct. 30, 2023 as expected, and that the deal has been cleared in Australia, Brazil, Canada, Israel, South Africa and Taiwan, with foreign investment control clearance in all necessary jurisdictions. \u201cIn the\u00a0U.S., the Hart-Scott-Rodino pre-merger waiting periods have expired, and there is no legal impediment to closing under\u00a0U.S.\u00a0merger regulations,\u201d the tech group said. It added that it \u201ccontinues to work constructively with regulators in other jurisdictions and is in the advanced stages of the process toward obtaining the remaining required regulatory approvals,\u201d which it expects will be received before\u00a0October 30, 2023.\u00a0Broadcom shares rose 1.5% on Monday, while VMware stock climbed 4%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A previous version of this article gave incorrect information on U.S. regulatory proceedings. Following an \u201cin-depth\u201d Phase 2 investigation, the U.K.\u2019s Competition and Markets Authority (CMA) on Monday cleared Broadcom Inc.\u2019s AVGO, +2.51% $69 billion buy of VMware Inc. VMW, +4.55%. In a statement, the CMA said it \u201cprovisionally found that Broadcom\u2019s proposed purchase of […]<\/p>\n","protected":false},"author":1,"featured_media":1383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-51117","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nVMWare, Broadcom shares rise as U.K. competition authority clears deal | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A previous version of this article gave incorrect information on U.S. regulatory proceedings. 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