Broadcom Pledges 5G Investment to Win Qualcomm Deal Approval

Citing security Republicans support CFIUS review of Broadcom bid for Qualcomm 0

Citing security Republicans support CFIUS review of Broadcom bid for Qualcomm 0

The company is now based in Singapore, but said in November that it will move its legal headquarters back to the United States.

Mir noted that Chinese companies such as Huawei, which is also the No. 3 smartphone maker, have increased their engagement in 5G's development and that Huawei owns about 10 percent of 5G essential patents.

Broadcom also took a swipe at Qualcomm's licensing business, which is a subject of dispute between the companies.

The company said Wednesday that it expects the move to be completed by May.

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In a letter explaining the grounds for investigation, Treasury cited Qualcomm's "unmatched expertise and research and development expenditure", which drives its ability to set standards for the next generation of wireless technology known as 5G.

The Committee on Foreign Investment in the U.S. (CFIUS) said in a letter to Qualcomm's attorneys on Monday that it was anxious Broadcom would cut back on Qualcomm's investment in emerging technologies like 5G components in favor of short-term projects, thus opening the door for foreign firms to take the lead.

"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.

Assuming its aim was to scupper Broadcom's hostile takeover, the Qualcomm board seems to have played a blinder in getting the CFIUS involved.

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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.

In a Monday statement, Broadcom said Qualcomm had "secretly" asked the CFIUS to investigate back at the end of January.

As expected, Broadcom didn't take the news lying down.

Broadcom said it is run by a board of directors and senior management team consisting nearly entirely of Americans. In the past dozen years, Broadcom has spent six times as much on acquisitions as it has on research and development. Any changes in supply of these products or services could pose national security concerns.

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Broadcom, which makes chips for everything from set-top boxes to data centers, on Wednesday vowed to make the United States a global leader in 5G, a next-generation cellular technology that's poised to boost wireless speeds, coverage and the ability to handle an ever more diverse deployment of connected devices. Broadcom's shares were up slightly at $247.90.

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