Broadcom has confirmed that it will abandon plans to buy long-term rival Qualcomm after U.S. president Donald Trump vetoed the potential acquisition.
An investigation of the deal by the Committee on Foreign Investment in the US, which reviews purchases of American businesses by foreign investors, confirmed national security threats related to the acquisition by Broadcom, the Treasury Department said in a letter to both companies made public March 12. The US feared that Broadcom would curtail investment in research and development, undermining Qualcomm's position in developing 5G and creating an opportunity for China's Huawei Technologies Co.
Broadcom hit back, however, saying it "strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns".
Yet the Committee on Foreign Investment in the United States, or CFIUS, tasked with evaluating foreign investments in the U.S., advised Trump to block the acquisition.
Broadcom has formally admitted defeat after US President Trump stepped in and forbade a merger between the firm and Qualcomm.
The decision by President Donald Trump to scuttle a hostile takeover by Singapore's Broadcom of the USA chipmaker Qualcomm caught some on Wall Street off guard.
Dead deal:Broadcomwithdrew its $117 billion offer to acquire Qualcomm this morning.
The deal would have been the biggest technology sector takeover on record.
While the Singapore-based Broadcom conducts the majority of its business in the United States, and is even looking to move its operations to that market, reports suggesr that Trump's decision is an attempt to thwart China's bid to gain market advantages by doing deals with U.S. firms. "The Purchaser and Qualcomm shall immediately and permanently abandon the proposed takeover".
"Reduction in Qualcomm's long-term technological competitiveness and influence in standard setting would significantly impact US national security", CFIUS warned.
Qualcomm is known as one of the leading manufacturers of systems-on-chip for smartphones and tablets - a semiconductor solution that combines the CPU, graphics accelerator, cellular modem and a number of other elements.
As part of its attempts to persuade Qualcomm stockholders, and U.S. government and regulators Broadcom promised to shift its headquarters to the US.
Broadcom said earlier this year it would fully be a USA domiciled company by May 6. But with Broadcom playing countless takeover-related tricks to move closer and closer to being able to buy Qualcomm, the White House and Trump administration has stepped in to block it all.
In addition, lawmakers have expressed concerns in the past about foreign companies gaining a foothold in US telecom infrastructure, which could lead to spying or cybertheft.
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