U.S. chip manufacturing giant Broadcom announced last week that it has successfully completed its legal move from Singapore back to the U.S.
This redomiciliation was approved by the company’s shareholders in March and sanctioned by a Singapore court earlier this month. Broadcom’s limited shares were exchanged at the close of trading on Wednesday into new shares for Broadcom.
The company’s Chief Executive Officer Hock Tan called the move a “milestone.”
“As I said when we announced our intention to redomicile from the Oval Office in November 2017, we believe that America is once again the best place for Broadcom to do business,” he said. “The completion of our redomiciliation to the United States marks an important milestone in our company’s history as Broadcom has been an American company in every respect but our legal domicile.” Tan continued, “With over 8,300 employees across more than 35 states, Broadcom will invest $3 billion annually in research and engineering and $6 billion annually in manufacturing, and we expect that we will pay several hundred million dollars in additional taxes to the U.S.”
Broadcom Inc.’s common stock began trading on April 5, 2018, under the company’s trading symbol on NASDAQ which remained unchanged as “AVGO.”
Broadcom’s existing co-headquarters in San Jose, California will now become the Company’s sole headquarters as an American company. Given that Broadcom was already run and managed out of San Jose, the Company does not anticipate any impact on employees, day-to-day business and operations, or services to customers as a result of the redomiciliation.
Following this news and the successful move from Singapore to the U.S., Broadcom’s shares were up by 0.4 percent, trading at $237.97 in after-hours trading.