By ET Bureau - May 30, 2022 1 Mins Read
Broadcom has confirmed its intention to buy VMware, a cloud computing and virtualization technology company, for 61 billion USD.
The agreement, which comes after days of rumors and conjecture, is one of the largest technology purchases ever, trailing only Dell’s 67 billion USD acquisition of EMC and Microsoft’s projected 69 billion USD acquisition of Activision Blizzard.
According to Broadcom, acquiring VMware does not turn the company into a software company right away. Broadcom said it plans to buy all outstanding VMware shares, which represents a 44 percent premium over the stock’s latest Friday closing price.
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