Wednesday in CE: Trump Executive Order Blocks Broadcom Acquisition of Qualcomm, Stirs Hornet Nest
The news for Broadcom and Qualcomm has been fast and quick hitting.
Quickly recapping the details of the unsolicited $117 billion takeover, last Friday there was a board of director shakeup at Qualcomm. Then on Monday, Broadcom said they would move their HQ to San Jose, California, to avoid scrutiny from the Treasury Department’s Committee on Foreign Investment in the United States (CFIUS) during their takeover. Yesterday was the first we heard that Trump would attempt to make a block on the deal, finding flaws against the acquisition as set forth in the Defense Production Act of 1950.
Today, Trump has officially deployed an executive order that blocks the entire deal.