SAN FRANCISCO: Broadcom said on Wednesday (Apr 4) it had completed its move back to the United States from Singapore, weeks after President Donald Trump blocked its US$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 Nov 2, days before making its first offer for Qualcomm.
The move was announced by US President Donald Trump in a press conference at the White House last November.
Broadcom CEO Hock Tan told reporters then: "America is again the best place to lead a business with a global footprint. Thanks to you Mr President, business conditions have steadily improved."
The company said it exchanged all shares of Broadcom Ltd to newly issued stock of Broadcom Inc 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.
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.
AdvertisementAdvertisementBroadcom's shares were up 0.4 per cent at US$237.97 in after hours trading.
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