BROADCOM VMWARE ACQUISITION
Bank of America taps tech dealmaker Richard Hardegree as vice chair of M&A, memo shows
Bank of America has appointed Richard Hardegree as its new vice chair for mergers and acquisitions. Hardegree, a seasoned banker with over 30 years of experience, joins from UBS. He will focus on the semiconductor sector and will be based in Palo Alto, California. This move signals Bank of America's commitment to expanding its market share in tech dealmaking.
Broadcom taps Alphabet executive Amie Thuener as next CFO
US chip designer Broadcom on Thursday named Alphabet executive Amie Thuener as its next finance chief, effective June 12, when incumbent Kirsten Spears retires. Thuener is currently Alphabet's vice president, corporate controller and chief accounting officer.
Broadcom hit with EU antitrust complaint and request for interim measure
Lobbying group Cloud Infrastructure Services Providers in Europe on Thursday urged EU antitrust regulators to temporarily stop Broadcom from ending its VMware Cloud Service Provider programme in Europe, ramping up its fight against the US tech company.
Cloud industry group calls for EU interim measure against Broadcom over VMware
A European lobbying group, CISPE, is asking EU antitrust regulators to halt Broadcom's decision to end its VMware Cloud Service Provider program in Europe. This move will impact many European cloud providers and their customers. CISPE argues Broadcom's actions are causing irreparable damage. They seek an interim measure to suspend the termination and allow partners readmission.
EU antitrust regulators erred in clearing Broadcom's VMware deal, cloud industry lobby says
EU antitrust regulators failed to analyse properly the risks of Broadcom's $69 billion acquisition of cloud computing firm VMware before clearing the deal, the Cloud Infrastructure Services Providers in Europe (CISPE) has told Europe's second-highest court.
Broadcom forecasts Q1 revenue above estimates on strong AI chip demand
Big tech has been vying to reduce its dependence of pricey, supply-constrained AI processors made by front-runner Nvidia , helping Broadcom which makes advanced custom artificial intelligence chips for so-called hyperscalers. Demand for Broadcom's networking chips that help move around vast amounts of data used by applications such as OpenAI's ChatGPT has also increased, as businesses double down on investments in GenAI infrastructure.
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Broadcom acquisition of VMWare creating a storm of uncertainty, risk: Nutanix CEO
As part of its slew of announcements on Tuesday, Nutanix said it is working jointly with Cisco to certify Cisco UCS blade servers as part of the strategic partnership between Nutanix and Cisco.
Dell reduces workforce as part of broader cost cuts
Dell's layoffs come after sluggish demand for its personal computers for nearly two years partly contributed to a 11% drop in revenue in fourth-quarter earnings posted last month.
Chipmaker Broadcom sells remote-access unit to KKR in $4 billion deal
The end-user computing (EUC) unit will operate as a standalone company and will continue to be run by its existing management team led by Shankar Iyer, KKR said in a statement on Monday.
Broadcom CEO compensation more than doubles to $162 million in 2023
CEO Hock Tan's 2023 pay, which was fueled by stock awards of $160.5 million, was 510 times the median salary of employees at the chip firm.
US in talks with Nvidia about AI chip sales to China: commerce secretary
"What we cannot allow them (Nvidia) to ship is the most sophisticated, highest-processing power AI chips, which would enable China to train their frontier models," US Commerce Secretary Gina Raimondo said.
Broadcom sees revenue below estimates on weak enterprise spending
In fiscal 2024, Broadcom expects revenue of about $50.0 billion including VMware's contribution. Analysts on average were expecting $52.50 billion, according to LSEG data.
Broadcom to lay off 1,300 VMware employees following takeover: report
Broadcom closed its $69 billion acquisition of VMware on November 22 after receiving regulatory approval from China.
Broadcom closes $69 billion VMware deal after China approval
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.
Beijing weighs delaying approval of $69 billion Broadcom-VMware deal: report
China's State Administration of Market Regulation has not signed off on the deal and is likely to delay approving the transaction after US President Joe Biden's administration introduced tougher chip controls on Tuesday, the report added, citing people familiar with the matter.
Britain clears $61 billion Broadcom-VMware merger
The Competition and Markets Authority last month gave its provisional approval to the deal announced in May 2022, and said on Monday that "its final decision is that the deal does not substantially reduce competition -- clearing it to proceed in the UK". Broadcom is seeking to expand into the software market to boost its server business and has already acquired two complementary firms, CA Technology and Symantec.
Nasdaq leads Wall St to higher close as CPI report lifts sentiment
The data underscored expectations the Federal Reserve may let interest rates stand after one more 25 basis point hike expected at its July policy meeting. Shares of big tech-related companies, which tend to be sensitive to higher interest rates, gave the S&P 500 its biggest boost. The technology sector was up 1.3%
S&P, Nasdaq climb 1% each as cooling inflation eases Fed rate hike fears
The much awaited U.S. Labor Department report showed growth in core consumer prices, which excludes food and energy, eased to 4.8% from 5.3% in May on an annual basis. Economists had expected a 5% rise.
EU clears US chipmaker Broadcom's $61 billion VMware takeover
The massive deal raised fears that it would stifle competition following its announcement in May 2022, prompting probes by antitrust watchdogs in the European Union and Britain.
EU to green light Broadcom's VMware deal on Wednesday, source says
US chipmaker Broadcom is set to win conditional EU antitrust approval for its $61 billion proposed acquisition of cloud computing firm VMware on Wednesday, a person familiar with the matter said on Tuesday.
Broadcom set to win EU nod for $61 billion VMware deal: report
The European Commission's clearance is tied to remedies relating to Broadcom's interoperability with rivals that would address competition concerns, sources said.
UK says Broadcom's $61 billion VMware deal could hurt server competition
Britain's Competition and Markets Authority (CMA) said on Wednesday the deal could dampen innovation and drive up the cost of computer parts and software for servers.
Broadcom faces EU antitrust warning on $61 billion VMware deal
The Commission will set out its concerns in a statement of objections, the people said. Companies can subsequently ask for a closed hearing to defend their deals in front of senior Commission and national competition officials as well as rivals and the Commission's lawyers.
VMware bets on multi-cloud drive amid positive Broadcom deal view
VMware took the wraps off a new multi-cloud management solution dubbed Aria, one that unifies applications, infrastructure, and services across private, hybrid, and public clouds in a single platform with a common data model.
How Broadcom CEO Hock Tan shaped a tech giant through acquisitions
For Tan, now 70, the deal would be the culmination of a string of acquisitions that has helped him turn Broadcom into a technology conglomerate worth $225 billion, along the way building a reputation as an astute dealmaker and ruthless cost-cutter.
Chipmaker Broadcom to buy VMware in $61 billion deal
The acquisition is the second biggest announced globally so far this year, after Microsoft Corp's $68.7 billion deal to buy video game maker Activision Blizzard Inc in January.
Unacademy CEO warns of long funding winter; Infy CEO’s pay rose 43% in FY22
Gaurav Munjal, cofounder of SoftBank-backed Unacademy, has told its employees the funding winter will last at least 12-18 months, saying they must learn how to work under constraints and help the company turn profitable.
Ten things to know about the $61 billion Broadcom-VMware deal
After Microsoft Corp.'s $68.7 billion takeover of video game producer Activision Blizzard Inc., Broadcom's acquisition of VMware is the second-largest deal in 2022 globally.
Broadcom in talks to acquire cloud company VMware
The acquisition would further diversify Broadcom’s business away from semiconductors and into enterprise software, following its $18.9 billion acquisition of CA Technologies and its $10.7 billion purchase of Symantec Corp’s security division in the last four years.
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