Chinese Commerce Ministry Approves Broadcom's Acquisition of Brocade
The Chinese commerce ministry on Wednesday conditionally approved Broadcom's (AVGO) - Get Report $5.5 billion acquisition of Brocade Communications Systems, Reuters reports.
The commerce ministry ordered Broadcom to take steps to assure it abides by the country's market trading conditions.
The deal, first announced last November, has already cleared hurdles in the U.S. and Europe, and is the latest example of consolidation in the semiconductor space as company's ramp up production for chips to meet growing demand.
Shares of Broadcom were lower during early Wednesday morning trading.
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