Broadcom Ends Qualcomm Bid, Says It Will Proceed With HQ Move to Delaware

Broadcom formally ended its bid to buy Qualcomm Wednesday, after President Donald Trump, acting on a recommendation from the Committee on Foreign Investment in the U.S., signed an executive order Monday blocking the acquisition on national security grounds (see 1803120060). In complying with the order, Broadcom also withdrew its slate of nominees for election to the Qualcomm board, said the company. “Although we are disappointed with this outcome, Broadcom will comply with the Order,” and will “continue to move forward” with its plan to move its co-headquarters to Delaware from Singapore (see 1711020069), said the company. “Whether you support or oppose recent CFIUS decisions, it provides a deliberative process, a speedy outcome and industry certainty,” tweeted FCC Commission Mike O’Rielly Wednesday. “Similar structure needed for 'Team Telecom' to facilitate @FCC interaction!”