Technology

Broadcom completes move to US from Singapore

The company said it exchanged all shares of Broadcom limited to the newly issued stock of Broadcom incorporate

Reuters April 05, 2018

A sign to the campus offices of chip maker Broadcom, is shown in Irvine, California, US, November 6, 2017. PHOTO: REUTERS

Broadcom said on Wednesday it had completed its move back to the United States from Singapore, weeks after President Donald Trump blocked its $117 billion offer to buy Qualcomm on national security grounds.

Broadcom, which was a US company until it was bought in 2016 by Singapore’s Avago, had announced its plan to redomicile on November 2, days before making its first offer for Qualcomm.

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The company said it exchanged all shares of Broadcom limited to the newly issued stock of Broadcom incorporate on a one-for-one basis and that its stock would continue to trade under the same ticker.

Broadcom’s existing co-headquarters in San Jose, California will become its sole headquarters, the company said.

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The move to the United States could allow Broadcom to buy US companies without coming under the scrutiny of the Committee on Foreign Investment in the United States (CFIUS), which has the power to stop deals that could harm national security.

Broadcom’s shares were up 0.4 per cent at $237.97 in after-hours trading.