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Broadcom Now Says It Will Be a US Company By April 3

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Mar 12, 2018, 7:30 AM by Eric M. Zeman

Broadcom has accelerated its plans to repatriate to the United States. The company today said its efforts to redomicile should be completed by April 3, rather than May 6. The change in plans appears to be a reaction to the Committee on Foreign Investment in the U.S. (CFIUS) review being conducted of its proposed to buy Qualcomm. Qualcomm provides infrastructure and other communications equipment to the government and CFIUS fears there may be a national security risk. Broadcom, based in Singapore for the moment, planned to complete its repatriation before closing any deal with Qualcomm. Even so, it is currently a foreign company and there are limits to what foreign companies can buy when national security is a concern. The CFIUS review will be completed April 5, and Qualcomm will then hold its annual shareholder meeting. Broadcom hopes to unseat some members of the Qualcomm board and replace them with people more likely to approve its bid to buy Qualcomm. The drama between Broadcom and Qualcomm has been ongoing since the former first announced plans to acquire the latter late last year.

Reuters »

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