Broadcom To Redomicile To U.S. By April 3, 2018

(RTTNews) - Broadcom Limited (AVGO) said Monday that it in the final stages of redomiciling to the U.S. and now expects to complete redomiciliation by April 3, 2018. Broadcom's proposal to acquire Qualcomm has always been premised on the completion of Broadcom's previously announced plan to redomicile.

Broadcom noted that the U.S. national security concerns are not a risk to closing, as Broadcom never plans to acquire Qualcomm before it completes redomiciliation.

Broadcom said it believes the Committee on Foreign Investment in the United States or CFIUS process is an essential aspect of protecting U.S. national security and it is supportive of current efforts, including those of Senator Cornyn, Representative Pittenger, and many of their colleagues, to enhance the CFIUS process. In addition, as a company incorporated in the U.S., Broadcom looks forward to working directly with the U.S. government as a trusted supplier, and continuing Qualcomm's existing engagements.

Broadcom's plan to redomicile is and has been a matter of public record since last November and has been addressed multiple times in recent months. The plan was first announced in the White House when Hock Tan, Broadcom's President and Chief Executive Officer, had the honor to announce the plan alongside President Trump in the Oval Office on November 2, 2017. Furthermore, CFIUS reviewed and cleared Broadcom's acquisition of Brocade, which closed on November 17, 2017. As part of the clearance agreement, Broadcom agreed with CFIUS to redomicile to the U.S.