SAN JOSE, Calif., April 4, 2018 /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO) ("Broadcom") today announced the completion of the redomiciliation process to change the parent company of the Broadcom corporate group from a Singapore company to a Delaware corporation. The redomiciliation was approved overwhelmingly by Broadcom stockholders at a Special Meeting held on March 23, 2018, and confirmed by the Singapore High Court on April 2, 2018. Effective as of the close of trading on April 4, 2018, all issued ordinary shares of Broadcom Limited have been exchanged on a one-for-one basis for newly issued shares of common stock of Broadcom Inc.Broadcom Inc. common stock will begin trading on April 5, 2018, and the Company's trading symbol on NASDAQ will remain unchanged as "AVGO."
Hock Tan, Broadcom's President and Chief Executive Officer, said,
"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. As I said when we announced our intention to redomicile from the Oval Office in November 2017, we believe that America is once again the best place for Broadcom to do business."
Tan continued, "With over 8,300 employees across more than 35 states, Broadcom will invest $3 billion annually in research and engineering and $6 billion annually in manufacturing, and we expect that we will pay several hundred million dollars in additional taxes to the U.S."
Broadcom's existing co-headquarters in San Jose, California will become the Company's sole headquarters as a U.S. corporation. Given that Broadcom was already run and managed out of San Jose, the Company does not anticipate any impact to employees, day-to-day business and operations, or services to customers as a result of the redomiciliation.
Stay up to date with the latest industry developments: sign up to receive TelecomTV's top news and videos plus exclusive subscriber-only content direct to your inbox – including our daily news briefing and weekly wrap.