Saturday, 22 September, 2018

Broadcom promises on security, Qualcomm revamps board

Broadcom to Stick With US 5G Investment After Qualcomm Deal Broadcom promises on security, Qualcomm revamps board
Camille Neal | 10 March, 2018, 02:07

Qualcomm investors were set to vote on members of the company's board - either the incumbent directors or a slate of candidates offered by Broadcom - but CFIUS, in an unprecedented move, sought to preemptively review the proposed acquisition. "Any notion that a combined Broadcom-Qualcomm would slash funding or cede leadership in 5G is completely unfounded".

Broadcom Ltd sought again to soothe USA security concerns around its bid for chipmaker Qualcomm Inc on Wednesday, saying it would stick with investments aimed at maintaining the United States' leadership in 5G technology. Any dispositions of the assets to foreign purchasers would be subject to CFIUS review.

In addition, Broadcom promised to create to a new $1.5 billion fund to train and education the next generation of radio frequency engineers in the US.

"Broadcom is committed to making the United States the global leader in 5G", Tan wrote in his letter.

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It said that Broadcom's recent statements and its history in other buyouts suggested the heavily-leveraged $117 billion bid for Qualcomm would lead to such a reduction in investment in favour of short-term profits. One of it is that it has been providing funds to its R&D with licensing revenue derived from anticompetitive and predatory practices that have put it at odds with antitrust regulators and consumers.

In a letter to Qualcomm, CFIUS said it was concerned that the deal posed a threat to USA national security.

His letter follows an announcement by the Committee on Foreign Investment in the U.S. (CFIUS), which includes representative from several U.S. agencies and departments, said that it was concerned that the takeover would cause the U.S.to fall behind in the global race to build reliable 5G wireless networks - threatening U.S. security. "More than half of Broadcom's total workforce is in the United States, across more than 25 states, including Texas, Colorado, California and Pennsylvania", Broadcom said. Currently, it is in the finale of redomiciling to the US and as expected the process would be completed by 6th May 2018.

In an open letter to the US Congress on Friday, Broadcom promised to invest US$3 billion in research and engineering and US$6 billion in manufacturing in the United States annually.

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