Semiconductor and infrastructure software solutions provider Broadcom (NASDAQ:AVGO) has finally bagged conditional approval in Europe for the completion of its $61 billion acquisition of VMware (NYSE:VMW).
Importantly, the deal has also received regulatory legal merger approvals across Australia, Canada, Taiwan, Brazil, and South Africa as well as foreign investment control clearance in required jurisdictions.
The transaction has been under scrutiny for a while and to alleviate any concerns, Broadcom has also provided a technology access remedy to preserve interoperability to the European Commission.
The transaction is now anticipated to close in the fiscal year 2023. VMware shares are up 1.62% at the time of writing and have gained nearly 35% over the past year. In the meantime, Broadcom stock has zoomed up ~83% during this period.
Overall, the Street has a $877.07 consensus price target on AVGO alongside a Strong Buy consensus rating.
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