Evercore reaffirms Broadcom's $61 bln VMWare acquisition

VMware

10/07/2023 12:27

July 10 (Reuters) -    ** "We continue to believe AVGO
is well positioned to close the VMWare acquisition with
immaterial concessions" - Evercore ISI
        ** AVGO in May last year 
    announced
     a deal to buy VMW in a $61 bln deal to diversify its
business into enterprise software
  
    ** Shares of chipmaker Broadcom  AVGO.O  fell 0.11% to
$845.77 in premarket trading
    ** "Reports now suggest that the EC (European Commission)
will issue clearance for the AVGO-VMW deal by July 17th,
contingent upon interoperability remedies," says brokerage
        ** Brokerage expects the deal to add to AVGO's EPS in
the high teens in terms of percentage by the third year
  
    ** Average rating of 26 analysts covering the stock is
'buy'; median PT is $890
    ** Up to last close, stock up ~51% this year

 (Reporting by Zaheer Kachwala)
 ((Zaheer.Kachwala@thomsonreuters.com;))