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Broadcom, which designs, develops and supplies semiconductor and infrastructure software, will acquire VMware, an enterprise software company. Broadcom will acquire all of the outstanding shares of VMware in a cash-and-stock transaction that values VMware at approximately $61 billion. Further, Broadcom will assume $8 billion of VMware net debt.

VMware, cvs pharmacy hwy 29 charlotte nc a vendor of multi-cloud services for all apps, pioneered virtualization technology, an innovation that transformed x86 server-based computing, Broadcom said. VMware then created the software-defined data center and played a leading role in virtualizing networking and storage, before evolving to become a hybrid cloud and digital workspace company, Broadcom added.

Today, VMware’s multi-cloud portfolio, spanning application modernization, cloud management, cloud infrastructure, networking, security and anywhere workspaces, creates a digital foundation on which many dynamic enterprises across industries build, run, manage, connect and protect their most important and complex workloads, Broadcom described.

After the transaction closes, the Broadcom Software Group will rebrand and operate as VMware, incorporating Broadcom’s existing infrastructure and security software as part of an expanded VMware portfolio.

By bringing together the complementary Broadcom Software portfolio with the VMware platform, the combined company will provide enterprise customers an expanded platform of critical infrastructure technologies to accelerate innovation and address the most complex information technology infrastructure needs, Broadcom said.

“Building upon our proven track record of successful M&A, this transaction combines our leading semiconductor and infrastructure software businesses with an iconic pioneer and innovator in enterprise software as we reimagine what we can deliver to customers as a leading infrastructure technology company,” said Hock Tan, president and CEO of Broadcom.

“VMware has been reshaping the IT landscape for the past 24 years, helping our customers become digital businesses,” said Raghu Raghuram, CEO of VMware, in a statement. “We are extending our commitment to exceptional service and innovation by becoming the new software platform for Broadcom. Combining our assets and talented team with Broadcom’s existing enterprise software portfolio, all housed under the VMware brand, creates a remarkable enterprise software player.”

The transaction is expected to add approximately $8.5 billion of pro forma EBITDA from the acquisition within three years post-closing. Pro forma for each company’s fiscal year 2021, software revenue is expected to account for approximately 49% of total Broadcom revenue.

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