Semiconductor company Broadcom Inc. (AVGO) announced on Monday that it expects the acquisition of VMware, Inc. (VMW), a cloud computing company, to be completed soon prior to the expiration of their merger agreement.
The acquisition was announced by Broadcom in May, last year and has received legal merger clearance in Australia, Brazil, Canada, the European Union, Israel, Japan, South Africa, South Korea, Taiwan, the United Kingdom, and foreign investment control clearance in all necessary jurisdictions.
The company said there is no legal impediment to closing under U.S. merger regulations.
According to the agreement terms, each VMware stockholder will receive, for each share of VMware common stock held, $142.50 in cash, without interest, or 0.2520 of a share of Broadcom common stock.
Around 96 percent of VMware stockholders have agreed to the acquisition.
In pre-market activity, Broadcom shares are trading at $847.01 up 1.03% on Nasdaq and VMware shares are trading at $141.98 down 0.15% on the New York Stock Exchange.
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