Broadcom closes $69bn VMware deal after China approval

BENGALURU: Broad-com on Wednesday closed its $69 billion acquisition of cloud-computing firm VMware after receiving regulatory approval in last major market China and ending a months-long saga.

The deal, one of the biggest globally when announced in May 2022, was the latest in CEO Hock Tan’s efforts to boost the chipmaker’s software business.

However, the transaction faced tough regulatory scrutiny across the world and the companies had delayed the closing date three times.

China’s regulatory approval came through on Tuesday after ongoing tensions with the US around tougher chip export control measures had stoked fears among some investors on the company’s ability to close the deal before the Nov. 26 deadline.