Broadcom agrees to buy VMware for $61 billion

Chipmaker Broadcom has announced that it agrees to acquire cloud computing company VMware to the tune of $61 billion in a cash-and stock deal. This is Broadcom’s most significant shift towards diversifying its business into the enterprise software industry. The deal offers $142.50 per VMware stock, which comes out to an approximate premium of 49% over the stock’s closing price on the last close before reports of a deal began to break on May 22. Broadcom’s shares are up 3% and VMware is up 2%. As part of the deal, Broadcom will also adopt VMware’s $8 billion net debt. Last year, Dell...

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