March 24, 2018

Broadcom appeases United States on 5G investment

10 March 2018, 01:03 | Kara Nash

Broadcom appeases United States on 5G investment

Broadcom appeases United States on 5G investment

His letter follows an announcement by the Committee on Foreign Investment in the U.S. (CFIUS), which includes representative from several U.S. agencies and departments, said that it was concerned that the takeover would cause the fall behind in the global race to build reliable 5G wireless networks - threatening U.S. security.

CFIUS worries Broadcom could thwart US technology leadership - headed by San Diego-based Qualcomm - in 5G networks. Qualcomm and a spokesman for the U.S. Treasury, which chairs CFIUS, declined to comment. The review of Broadcom's bid illustrates the US government's expanding focus on the competitiveness of the national semiconductor industry as China advances.

CFIUS has the power to block acquisitions on national security grounds.

Qualcomm also said Tom Horton would continue as its lead director. "Communications likely has precedence, though, because if you can control, or at least monitor all communications, you can better control your citizens and monitor other governments".

"Broadcom will not only maintain the R&D resources Qualcomm devotes to 5G and innovation in future wireless standards - we will also focus R&D spend to those critical technologies that are essential to the US", Broadcom said in a statement, Reuters reports.

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"I think the concerns are valid", he said in an email. "Once they have control, the USA government loses much of its leverage to force compliance and Broadcom has to know this". It also will support many more connected devices.

US lawmakers for years have been wary of Chinese companies such as Huawei and ZTE, saying their close relationships with the Chinese government represent a national security threat.

Broadcom is based in Singapore, which gives CFIUS jurisdiction to investigate.

To assuage that claim, Broadcom has announced that it will pledge to make the "US the global leader in 5G" if it acquires Qualcomm - Broadcom is now domiciled in Singapore, but is looking to finalize reincorporation in the United States in the second quarter. We are now in the final stages of redomiciling to the United States, and that process will be complete no later than May 6, 2018.

"They don't invest in risk", said McGregor. "Broadcom has an experienced team and would know that, from a financial standpoint, this will be a disaster".

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