Tan proposed one of the biggest tie-ups in the history of the technology sector.
Hock Tan, CEO of Broadcom, shakes hands with then U.S. President Donald Trump in the Oval Office of the White House in Washington, U.S. November 2, 2017. REUTERS, Hock Tan was going head-to-head with a legendary U.S. technology mogul for a transformative acquisition.Chairman Michael Dell, also the chief executive of computer maker Dell Technologies IncHe proposed one of the biggest tie-ups in the history of the technology sector.
Broadcom offered $61 billion in cash and stock for VMware, a 50% premium to where the shares of the latter were trading. To clinch the deal, Tan also agreed to give VMware 40 days from the signing of the deal to search for another suitor who may offer a better price. VMware said yes.This account of the negotiations is based on people involved in the deal who requested anonymity.
That reputation stems from Tan's strategy of acquiring businesses he calls"franchises" and then slashing what he sees as excessive sales and marketing expenses and unnecessary investments. He is also quick to jettison parts of those businesses that underperform.
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