Broadcom plans to close $69 billion VMWare deal on Wednesday

The chipmaker has now received all regulatory approvals for the purchase after China approved the acquisition with additional restrictive conditions earlier on Tuesday, it said.

Some investors in the companies had feared about the outcome of the deal after reports said last month that rising Sino-U.S. tensions could lead China’s regulator to scuttle the deal.

Tensions between Beijing and Washington had mounted after the Biden administration introduced tougher controls on exports of high-end chips to China in October.

Shares of Broadcom (NASDAQ:AVGO) and VMware (NYSE:VMW) were down more than 3% each in premarket trading. The deal was previously expected to close by Nov. 26.

Source: Economy -

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