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Broadcom announced the VMware acquisition at approximately $61 billion in cash and stock, based on Broadcom’s closing share price on May 25, 2022. Broadcom also said it would assume $8 billion of VMware net debt, bringing the commonly cited headline transaction value to roughly $69 billion. The deal closed on November 22, 2023.
Why the deal is described as both $61 billion and $69 billion
The figures use different bases. Broadcom’s May 26, 2022 announcement valued the cash-and-stock acquisition at approximately $61 billion, using its share price at the previous day’s market close. It separately stated that Broadcom would assume $8 billion of VMware net debt. Adding the announced value and assumed debt yields the roughly $69 billion headline transaction value. Broadcom’s announcement presents the two components.
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What VMware shareholders were offered
Under the merger terms reported in Broadcom’s 2023 SEC filing, eligible VMware shareholders could elect to receive either $142.50 in cash or 0.25200 Broadcom share for each VMware share. The elections were subject to proration under the merger agreement, so a shareholder’s election did not guarantee receiving only that form of consideration. These per-share terms describe the consideration mechanism; they are not a separate aggregate deal value. Broadcom’s Form 8-K reports the merger terms and completion.
When the acquisition closed
Broadcom completed the acquisition on November 22, 2023. Its closing announcement said VMware common stock would cease trading on the New York Stock Exchange. The closing release confirms the completion date.
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Why a later filing reports $79.648 billion
Broadcom’s fiscal 2024 annual report gives $79.648 billion as total purchase consideration net of cash acquired. That is a later acquisition-accounting measure, not a revision of the 2022 announcement’s approximately $61 billion equity value or the roughly $69 billion headline value including assumed net debt. The number belongs to a different accounting basis and should be identified as such when cited. See Broadcom’s fiscal 2024 Form 10-K.
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