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The merger between U.S. chipmaker Broadcom Inc (NASDAQ:AVGO) and cloud software company VMware, Inc (NYSE:VMW) won every regulatory approval required to close the merger deal.
The stocks traded lower after China's State Administration of Market Regulation approved the deal.
The companies look to close the deal on November 22, 2023.
Broadcom bagged legal merger clearance in Australia, Brazil, Canada, China, the European Union, Israel, Japan, South Africa, South Korea, Taiwan, and the U.K., and foreign investment control clearance in all necessary jurisdictions.
Previous reports indicated Beijing's intentions to hold up the deal due to the U.S.'s advanced artificial intelligence technology embargo on China.
In October, the U.S. divulged plans to halt shipments to China of more advanced AI chips designed by Nvidia Corp (NASDAQ:NVDA) and others, citing military threats.
A third of Broadcom's $33 billion revenue came from shipments to China in the chip designer's most recent financial year.
Price Action: VMW shares traded lower by 4.75% at $142.79 in the premarket on the last check Tuesday. AVGO shares traded lower by 2.88% at $967.00.
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