Broadcom Inc. has announced on Wednesday (4 April) the completion of the redomiciliation process to change the parent company of the Broadcom corporate group from a Singapore company to a Delaware corporation.
It noted that the re-domiciliation was approved overwhelmingly by Broadcom stockholders at a Special Meeting held on 23 March 2018 and confirmed by the Singapore High Court on 2 April 2018.
The company then said that effective as of the close of trading on 4 April 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 5 April 2018, noting that 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."
The release stated that 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.
Prior to 2017, Delaware’s lawsuit climate ranked first in every national survey released today by the U.S. Chamber Institute for Legal Reform (ILR). In the new national survey, South Dakota replaced Delaware as the top-ranked state while it dropped to 11th position.
Broadcom Inc. is a leading designer, developer and global supplier of a broad range of digital and analog semiconductor connectivity solutions. Broadcom Inc.'s extensive product portfolio serves four primary end markets: wired infrastructure, wireless communications, enterprise storage and industrial & other.
Applications for its products in these end markets include: data center networking, home connectivity, set-top box, broadband access, telecommunications equipment, smartphones and base stations, data center servers and storage, factory automation, power generation and alternative energy systems, and electronic displays.