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China conditionally approves Broadcom's acquisition of Brocade Comms
August 23, 2017 / 10:58 AM / 3 months ago

China conditionally approves Broadcom's acquisition of Brocade Comms

BEIJING (Reuters) - China’s commerce ministry has conditionally approved chipmaker Broadcom Ltd’s acquisition of Brocade Communications Systems, it said on Wednesday.

Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake/Files

The commerce ministry ordered Broadcom to take steps to abide by China’s market trading conditions, according to a statement posted on its website.

The $5.5 billion deal, which already has won approval in the U.S., Europe and Japan, is the latest in the chip industry as companies bulk up in response to growing demand for chips in connected devices and cars.

Singapore-based Broadcom, formerly Avago Technologies, is known for its connectivity chips used in products ranging from mobiles to servers, while California-based Brocade makes networking switches, software and storage products.

Reporting by Beijing Monitoring Desk

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