Broadcom has completed its re-domiciliation process to change the parent company of the Broadcom corporate group from a Singapore company to a Delaware corporation. The re-domiciliation was approved overwhelmingly by Broadcom stockholders at a Special Meeting held on March 23, 2018, and confirmed by the Singapore High Court on April 2, 2018.
Effective as of the close of trading on April 4, 2018, all issued ordinary shares of Broadcom Limited have been exchanged on a one-for-one basis for newly issued shares of common stock of Broadcom Inc. The common stock will begin trading on April 5, 2018, and the company's trading symbol on NASDAQ will remain unchanged as "AVGO."
Speaking on the eve, Hock Tan, Broadcom's President and Chief Executive Officer, stated that the completion of the re-domiciliation to the United States marks an important milestone in the company's history as Broadcom has been an American company in every respect but our legal domicile. As said earlier when the company had announced its intention to re-domicile from the Oval Office in November 2017, Broadcom still believes that America is once again the best place for it to do business.
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 expects to pay several hundred million dollars in additional taxes to the U.S.
Broadcom's existing co-headquarters in San Jose, California will become the company's sole headquarters as a U.S. corporation. Given that Broadcom was already run and managed out of San Jose, the company does not anticipate any impact to employees, day-to-day business and operations, or services to customers as a result of the re-domiciliation.
