Broadcom today said it will no longer pursue its proposed acquisition of rival chipmaker Qualcomm. The decision comes two days after the Trump administration opposed the deal on national security grounds.
Broadcom will also withdraw its nominees for Qualcomm board seats.
“Although we are disappointed with this outcome, Broadcom will comply with the order,” said the company in a statement.
Broadcom first proposed to acquire Qualcomm late last year. The companies have been wrangling over price and other matters since. Despite losing its planned bid for Qualcomm, Broadcom said it will continue efforts to repatriate to the U.S. The company is currently based in Singapore and plans to return to the U.S. within the next few months.
