Broadcom has presented antitrust commitments to the European Commission in order to address potential issues regarding its proposed acquisition of VMware, a cloud-computing company, for $61 billion.
The deadline for the regulator to make a decision on the deal has been extended to July 17, as stated in a website filing. No additional information was provided regarding the remedies offer presented on May 16.
Broadcom CEO Hock Tan continues his acquisition streak with the biggest-ever takeover in the semiconductor industry, resulting in the growth and diversification of his company.
Read more: EU Watchdog Extends Decision On Broadcom, VMware Deal
The commission issued a statement of objections last month regarding Broadcom’s proposed deal, citing concerns about potential negative impacts on business customers such as higher prices, lower quality, and less innovation. The commission may block the deal unless suitable remedies are provided.
Broadcom and VMware presented their case to EU regulators in Brussels this month in support of their proposed merger.
“While we maintain that this deal does not present any competition issues, we have made a proposal to address fully the concerns expressed by the European Commission,” Broadcom said in an emailed statement. “We expect the transaction will close in Broadcom’s fiscal year 2023,” it said, repeating earlier guidance.
