Broadcom says to stick with USA 5G investment after Qualcomm deal
Broadcom says to stick with USA 5G investment after Qualcomm deal
Treasury cites national security and competition for 5G as risks in Qualcomm-Broadcom tieup
08 March, 2018, 02:12
Singapore-based Broadcom also reiterated that it plans to shift its headquarters to the U.S.no later than May. According to the letter, Huawei has been increasing its research and development work in 5G and owns about 10 percent of essential patents for 5G technology.
According to CFIUS, the statements from Broadcom that it would take a "private-equity" style approach to the acquisition suggest it would reduce long-term investment in order to focus on short-term profitability.
Broadcom'sproposed takeover of Qualcomm would be the largest deal ever in semiconductors, creating a chip juggernaut with a leading market position in many top chips used in smartphones.
The investigation by CFIUS, which considers national security risks to foreign acquisitions of U.S. companies, came after Qualcomm filed a notice with the panel seeking a review.
Broadcom did not mention CFIUS in its announcement on Wednesday but said the company intends to "maintain the [research and development] resources Qualcomm devotes to 5G and innovation in future wireless standards".
The letter is dated Monday, 5 March, and was made public by Qualcomm on Tuesday when the company announced it would postpone a critical shareholder meeting from 6 March, rescheduling it to 5 April. "This measure will afford CFIUS the ability to investigate fully Broadcom's proposed acquisition of Qualcomm".
Qualcomm also is a product supplier to the USA government and is working with it on cybersecurity for the next generation of wireless, 5G and the Internet of Things, according to the letter.
Today (7 March), Broadcom issued a pledge to keep the USA at the forefront of emerging mobile technology like 5G if it were to acquire Qualcomm in an effort to dispel worries.
Broadcom said it is run by a board of directors and senior management team consisting nearly entirely of Americans. Broadcom shareholders are expected to vote on the move in early May.
Inevitably Broadcom has whacked out a retaliatory PR entitled "Broadcom Pledges to Make the US the Global Leader in 5G".
"While the United States remains dominant in the standards-setting space now, China would likely compete robustly to fill any void left by Qualcomm as a result of this hostile takeover", the letter said. In a statement published Wednesday, the company hit back against the CFIUS statement and Qualcomm, while also offering an olive branch to try and appease regulators. Both trade on the Nasdaq.
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