VMware added billions to Michael Dell’s fortune. Hock Tan hopes it will do the same for him. Broadcom, the US tech group Tan runs, is closing in on a blockbuster acquisition for the cloud business that could value it at more than $50bn.
Buying VMware would complete the transformation of Broadcom. Tan has turned this semiconductor roll-up into a stable of mature software stars with mediocre growth but impressive cash generation.
In the last two years, Broadcom shares have risen 82 per cent, well ahead of the S&P 500, giving Tan credibility for his biggest gambit yet. It would be no surprise if Dell goes along for the ride.
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