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Broadcom keeps promise to move to US from Singapore, after blocked Qualcomm bid
[SAN FRANCISCO] Semiconductor maker Broadcom Inc said on Wednesday it has completed its move back to the United States from Singapore, weeks after President Donald Trump blocked its offer to buy rival Qualcomm Inc on national security grounds.
The move effective on Wednesday was approved by shareholders on March 23 and then endorsed by the High Court of the Republic of Singapore on April 2, the company said.
Broadcom's existing co-headquarters in San Jose, California will become its sole headquarters.
"The completion of our redomiciliation to the United States marks an important milestone in our company's history as Broadcom has been an American company in every respect but our legal domicile," said its Penang-born CEO Tan Hock Eng.
Last month US President Donald Trump issued an order barring the proposed US$117 billion hostile takeover of Qualcomm, citing what he called "credible evidence" such a deal "threatens to impair the national security of the United States." It would have been the biggest-ever deal in the tech sector.
Trump's order made no mention of China, but an earlier letter from the US Treasury Department warned that a takeover might hurt US leadership in 5G, super-fast fifth-generation wireless networks now being deployed, and consequently pose a threat to US security.
The presidential action was allowed because Broadcom is a foreign entity, but would not have been possible had it completed its redomiciliation.
Broadcom was founded in California but moved its headquarters after a 2015 deal that merged it with Avago Technologies.
On March 14, Broadcom said it was withdrawing its offer for Qualcomm.