SAN
JOSE, Calif., Nov. 22,
2023 /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO), a
global technology leader that designs, develops, and supplies
semiconductor and infrastructure software solutions, today
announced that it has completed its acquisition of VMware, Inc.
VMware's common stock will now cease to be traded on the New York
Stock Exchange (NYSE).
Hock Tan, President and Chief Executive Officer of Broadcom,
said, "We are excited to welcome VMware to Broadcom and bring
together our engineering-first, innovation-centric teams as we take
another important step forward in building the world's leading
infrastructure technology company. With a shared focus on customer
success, together we are well positioned to enable global
enterprises to embrace private and hybrid cloud environments,
making them more secure and resilient. Broadcom has a long track
record of investing in the businesses we acquire to drive
sustainable growth, and that will continue with VMware for the
benefit of the stakeholders we serve."
Broadcom's focus moving forward is to enable enterprise
customers to create and modernize their private and hybrid cloud
environments. At the core, Broadcom will invest in VMware Cloud
Foundation, the software stack that serves as the foundation of
private and hybrid clouds. Incremental to Broadcom's investment in
VMware Cloud Foundation, VMware will offer a rich catalog of
services to modernize and optimize cloud and edge environments,
including VMware Tanzu to help accelerate deployment of
applications, as well as Application Networking (Load Balancing)
and Advanced Security services, and VMware Software-Defined Edge
for Telco and enterprise edges.
VMware Stockholder Election Results
In connection with the acquisition of VMware, Broadcom
previously announced the results of the merger consideration
elections made by VMware stockholders of record in its press
release dated October 30, 2023.
About Broadcom
Broadcom Inc. (NASDAQ: AVGO) is a global technology leader that
designs, develops, and supplies a broad range of semiconductor,
enterprise software and security solutions. Broadcom's
category-leading product portfolio serves critical markets
including cloud, data center, networking, broadband, wireless,
storage, industrial, and enterprise software. Our solutions include
service provider and enterprise networking and storage, mobile
device and broadband connectivity, mainframe, cybersecurity, and
private and hybrid cloud infrastructure. Broadcom is a Delaware corporation headquartered in
San Jose, CA. For more
information, go to www.broadcom.com.
Cautionary Statement Regarding Forward-Looking
Statements
This communication relates to Broadcom's acquisition of VMware
and includes forward-looking statements within the meaning of
Section 21E of the U.S. Securities Exchange Act of 1934, as
amended, and Section 27A of the U.S. Securities Act of 1933, as
amended. These forward-looking statements include but are not
limited to statements that relate to our expected future business
and financial performance, the anticipated benefits of the
transaction, the anticipated impact of the transaction on the
combined business, and the expected synergies from the transaction.
These forward-looking statements are identified by words such as
"will," "expect," "believe," "anticipate," "estimate," "should,"
"intend," "plan," "potential," "predict," "project," "aim," and
similar words or phrases. These forward-looking statements are
based on current expectations and beliefs of Broadcom management
and current market trends and conditions.
These forward-looking statements involve risks and uncertainties
that are outside Broadcom's control and may cause actual results to
differ materially from those contained in forward-looking
statements, including but not limited to: our ability to maintain
relationships with customers, suppliers and other business
partners; the effect of the transaction on our operating results
and business; our ability to implement plans, achieve forecasts and
meet other expectations with respect to the combined business and
realize expected synergies; unexpected costs, charges and expenses;
our ability to successfully integrate VMware's operations;
difficulties in retaining and hiring key personnel and employees
due to the transaction and business combination; the diversion of
management time on integration; significant indebtedness, including
indebtedness incurred in connection with the transaction, and the
need to generate sufficient cash flows to service and repay such
debt; the disruption of current plans and operations;
cyber-attacks, information security and data privacy; global
political and economic conditions, including cyclicality in the
semiconductor industry and in our other target markets, rising
interest rates, the impact of inflation and challenges in
manufacturing and the global supply chain; the impact of public
health crises, such as pandemics (including COVID-19) and epidemics
and any related company or government policies and actions to
protect the health and safety of individuals or government policies
or actions to maintain the functioning of national or global
economies and markets; and events and trends on a national,
regional and global scale, including those of a political,
economic, business, competitive and regulatory nature.
Our filings with the Securities and Exchange Commission, which
you may obtain for free at its website at http://www.sec.gov,
discuss some of the important risk factors that may affect our
business, results of operations and financial condition. Actual
results may vary from the estimates provided. We undertake no
intent or obligation to publicly update or revise any of the
estimates and other forward-looking statements made in this
announcement, whether as a result of new information, future events
or otherwise, except as required by law.
Contacts:
Broadcom Inc.
Ji
Yoo
Investor Relations
408-433-8000
investor.relations@broadcom.com
Joele Frank / Arielle Rothstein / Tim
Ragones
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
(AVGO-Q)
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SOURCE Broadcom Inc.