T&D successfully facilitated Broadcom in obtaining conditional approval from the State Administration for Market Regulation (“SAMR”) for its acquisition of VMware. This is the fourth case conditionally approved by SAMR in 2023, and the second conditionally approved case that was successfully represented by T&D in 2023.

Broadcom's acquisition of VMware has attracted global attention, with a transaction value of $61 billion. The relevant products, industry (semiconductor) and other factors involved are extremely complex. With the joint efforts of T&D team and the company, after more than 14 months, the case was successfully approved by SAMR.

Throughout the review process, T&D, representing the company, submitted multiple rounds of supplementary materials to SAMR promptly and efficiently, engaged in multiple rounds of negotiations aimed at minimizing the adverse impact of the transaction on competition in the relevant market. Ultimately, a commitment proposal acceptable to both SAMR and the company was formulated, resulting in the successful approval of the case.

In the context of recent unsuccessful antitrust filings within the semiconductor industry, the approval of this case holds great significance for the entire semiconductor industry, as well as for all mergers and acquisitions involving foreign enterprises. This case once again highlights T&D’s outstanding capabilities in handling major and challenging antitrust filings. T&D's expertise and outstanding performance in this case are also highly recognized and praised by the client.

T&D remains committed to provide high-quality and efficient professional services to clients, adhering to the principles of "rigor, efficiency, and responsibility", and will continue to make every effort to meet our clients' specific requirements and provide them with professional, timely, and effective services.