Fair trade regulator Competition Commission of India has given its nod to the USD 37 billion acquisition of Broadcom Corporation by chipmaker Avago Technologies Ltd.

In May this year, Apple supplier Avago Technologies had announced a deal to acquire global semiconductor solutions provider Broadcom in a cash and stock transaction that values the combined entity at USD 77 billion.

In a tweet, the Competition Commission of India (CCI) has said, "CCI approves acquisition of Broadcom Corporation by Avago Technologies Limited."

Incorporated in Singapore, Avago is a designer, developer and global supplier of a range of analog semiconductor devices. While, California-based Broadcom focuses on semiconductors for infrastructure, networking, broadband and connectivity.

In India, Broadcom has operations at three locations including Hyderabad and Mumbai and Avago has its unit in Bengaluru.

Upon completion of the deal, Avago President and CEO Hock Tan will continue to serve as President and CEO of the combined company, which will adopt the name Broadcom Ltd.

Further, Broadcom Co-Founder and Chairman of its board Henry Samueli will join the board of the combined company as well another director of it. Samueli will also be appointed chief technology officer of the combined company.

In a statement Avago had said that Broadcom past CEO and Co-Founder Henry Nicholas will serve as a strategic advisory role within the combined company, reporting to Tan.

By: DocMemory
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