Broadcom 610亿美元的VMW交易面临欧盟法院挑战-监管冲击会影响增长吗？

Broadcom (NASDAQ:AVGO) is facing legal scrutiny over its $61 billion acquisition of VMware, as European Union judges assess a challenge to the deal’s approval filed by a cloud computing group.

CISPE, representing Europe’s leading sovereign cloud infrastructure providers, filed a formal appeal on Thursday with the European General Court to challenge the European Commission’s approval of the acquisition.

The group seeks to annul the decision, citing legal and procedural failures in the Commission’s competitive assessment.

Also Read: Broadcom Updates VMware Cloud Platform For Streamlined Operations

CISPE argued that the commission acknowledged competitive risks in its May 13, 2025, summary but failed to impose any safeguards.

The group claims the commission made serious legal and analytical errors by approving the deal without conditions, despite clear signs it could lead to market dominance and abuse.

Since closing the acquisition, Broadcom has canceled existing contracts with minimal notice and imposed aggressive new licensing terms. These include price hikes of up to tenfold and mandatory multi-year commitments to access critical VMware software.

In July, Broadcom introduced even more restrictive licensing policies that risk excluding smaller providers—many CISPE members—from purchasing or reselling VMware-based services. These changes threaten to prevent key players from offering secure, affordable European cloud solutions.

CISPE has spent the last two years raising red flags with the European Commission — notably DG Competition — over Broadcom’s licensing practices. Despite multiple meetings and formal submissions, the commission failed to act or protect European providers and customers. Attempts to negotiate with Broadcom also fell flat, as the company refused to offer fairer terms.

“The dominance of VMware software in the virtualisation market means that unfair new licensing terms enforced by Broadcom affect almost every European organisation using cloud technology,” said Francisco Mingorance, Secretary General of CISPE.

Broadcom credited VMware for helping drive its 20% year-over-year revenue growth in the second quarter of 2025, contributing alongside strong AI chip demand. VMware played a key role in pushing total revenue to $15 billion, beating expectations.

JPMorgan analyst Harlan Sur said Broadcom is likely unlocking revenue synergies from the VMware acquisition, supporting healthy second-quarter results. He expects the deal to contribute to stronger guidance, with third-quarter revenue potentially reaching $16.1 billion — above Street estimates — driven by AI momentum and a solid base from VMware integration.

Broadcom stock gained 25% year-to-date, topping the NASDAQ Composite Index’s (of which Broadcom is also a component) over 9% returns.

AVGO Price Action: Broadcom stock is trading higher by 0.11% to $288.90 at publication on Friday.

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