American chipmaker Broadcom cites competition from Amazon, Microsoft, and Google to justify its proposed $69 billion acquisition of cloud computing business, VMware, according to people familiar with the situation.
The deal, which was announced in May and is the largest globally in 2022 based on value, represents Broadcom's attempt to expand into enterprise software. Regulators globally are closely monitoring tech mergers due to concerns about the concentration of power in a small number of entities and the possibility that larger companies could acquire startups only to shut them down. Broadcom's total revenue and net profit increased significantly in 2022 over that in 2021, according to GlobalData.
The number of deals by Broadcom was significantly lower in 2022 in comparison to that in 2021, according to GlobalData. In its review of Dell's $67 billion acquisition of data storage company, EMC Corp, in 2016, the EU competition enforcer said that EMC's VMware had a strong position but not the ability or the incentive to shut out competitors.
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