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Broadcom says to stick with United States 5G investment after Qualcomm deal

Broadcom says to stick with United States 5G investment after Qualcomm deal

Hock Tan, the CEO of the Singapore-based firm, sent a letter to lawmakers on Friday promising that the acquisition poses no threat to the US leadership in innovation.

The Committee on Foreign Investment in the USA delayed a shareholder meeting that had threatened to hand Broadcom control of the Qualcomm board and, among other things, said lower R&D spending would weaken US-based Qualcomm against Chinese companies.

Broadcom sought again to soothe USA security concerns around its bid for chipmaker Qualcomm on Wednesday, saying it would stick with investments aimed at maintaining the US's leadership in 5G technology.

Broadcom also stated that it would work with the government of United States as it drives to accomplish and sustain the global leadership in 5G.

"Broadcom has a proven track record of managing R&D for maximum impact and investing in core franchises". Broadcom would also not sell any critical national assets of security to any foreign companies.

Separately, Qualcomm Inc QCOM.O said it discontinued the role of executive chairman and named a new non-executive chairman as it seeks to curry favor with shareholders ahead of a proxy fight with Broadcom now slated for April 5. The panel said that if Broadcom made a decision to slash Qualcomm's R&D investments it could lead to Chinese competitors like Huawei surpassing the U.S.in innovation.




The New York Times reported that Broadcom appeared poised to gain seats on Qualcomm's board at this week's meeting, and Broadcom called Qualcomm's filing with CFIUS "a blatant, desperate act by Qualcomm to entrench its incumbent board of directors".

In a letter to Qualcomm, CFIUS said it was concerned that the deal posed a threat to US national security.

"Importantly, Broadcom will fund enhanced R&D through lawful business practices rather than predatory and anticompetitive behavior".

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

The comments followed an order from the Committee on Foreign Investment in the United States that pushed back Qualcomm's scheduled March 6 board meeting until next month.

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