San Francisco, December 1: US-based hardware company Broadcom will reportedly lay off nearly 1,267 employees from desktop virtualisation software provider VMware, which it finally acquired for $69 billion last month. Broadcom has filed a submission to the California Employment Department about the plan to sack close to 1,300 workers from VMware.
The layoffs will take effect starting January 26, 2024 impacting employees at VMware’s Palo Alto office, reports Bloomberg. The company currently has around 38,000 employees. Broadcom has a pattern of eliminating job roles after takeovers to help reduce costs. Layoffs: US Semiconductor Manufacturing Company Broadcom Announces To Lay Off Employees After Acquiring VMware for USD 69 Billion, Say Reports.
Late last month, Broadcom completed its $69 billion acquisition of VMware, after receiving regulatory approval in China. VMware's common stock ceased to be traded on the New York Stock Exchange (NYSE).
"We are excited to welcome VMware to Broadcom and bring together our engineering-first, innovation-centric teams as we take another important step forward in building the world's leading infrastructure technology company," said Hock Tan, President and Chief Executive Officer of Broadcom.
"Broadcom has a long track record of investing in the businesses we acquire to drive sustainable growth, and that will continue with VMware for the benefit of the stakeholders we serve," he added. In August, the UK’s Competition and Markets Authority (CMA) had approved Broadcom’s purchase of VMware following an in-depth investigation. Layoff: Game Streaming Platform Loco Lays Off 36% of Its Workforce, 40 Employees From Total Staff of 110.
In July, the European Commission (EC) had formally approved the acquisition, with certain conditions. At the core, Broadcom will invest in VMware Cloud Foundation, the software stack that serves as the foundation of private and hybrid clouds.
(The above story first appeared on LatestLY on Dec 01, 2023 07:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).