VMW - Why Broadcom Stock Is Gaining Today
2023-10-12 13:45:20 ET
Broadcom (NASDAQ: AVGO) stock is seeing significant gains in Thursday's trading. The company's share price was up 3.6% as of 1:30 p.m. ET, according to data from S&P Global Market Intelligence .
Broadcom stock is gaining after reports emerged that China's regulatory body for governing potential antitrust issues was on track to approve Broadcom's buyout of VMWare. Broadcom is on track to acquire VMWare (NYSE: VMW) for roughly $61 billion, and it seems possible that the deal will close this month or next month. VMWare stock is up 4.1% as of this writing.
Reports from Dealreporter and other outlets hit today that China is on track to approve Broadcom's big acquisition of VMWare, which specializes in virtualization software. Through VMWare's technologies, customers are able to run apps and replicate or augment the functions of hardware through software-based virtual machines.
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Why Broadcom Stock Is Gaining Today