Broadcom still planning US shift - Mobile World Live

Broadcom still planning US shift

26 MAR 2018

Broadcom shareholders “voted overwhelmingly” to move its official base to the US, despite a hostile bid to acquire Qualcomm being squashed by US President Donald Trump.

The company, which is currently based in Singapore, said more than 99 per cent of the votes cast were in favour of the move.

“Broadcom currently anticipates that its redomiciliation will be completed on 4 April, 2018 after close of trading, subject to prior approval by the High Court of the Republic of Singapore of the statutory scheme of arrangement in Singapore to implement the redomiciliation,” it said in a statement.

While the company operates in the US, it moved its base to Singapore in 2016 when it merged with Avago.

Various media reports state the move will make it easier for Broadcom to acquire US companies, as it will no longer fall under the jurisdiction of the Committee on Foreign Investment in the United States.

Earlier this month Broadcom warned wireless revenue in its fiscal Q2 2018 is expected to decline, after reporting the figure in its fiscal Q1 nearly doubled year-on-year.

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Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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