Broadcom Finalizes VMware, $191M for Wilkes Rural Broadband, Kinetic Fiber in Georgia
Broadcom announces the closing of their $69 billion acquisition of VMware.
Hanna Agro
November 27, 2023 – Broadcom, a semiconductor and infrastructure solution company, announced Wednesday that it has finalized its $69-billion acquisition of VMware, a cloud computing company.
Broadcom will offer modernized VMware cloud services to enterprise customers, which will assist in helping applications deploy more efficiently and improve advanced security services, explained a press release.
“We are excited to welcome VMware to Broadcom and bring together our engineering-first, innovation-centric teams as we take another important step forward in building the world’s leading infrastructure technology company,” said Broadcom CEO Hock Tan.
Broadcom initially announced its intention to acquire VMware in May 2022, and underwent the process of receiving regulatory approvals from countries including Australia, Brazil and Canada.
Wilkes gets $191M to complete rural broadband rollout
Internet service provider Wilkes Communications and its subsidiary RiverStreet Networks announced November 20 that they have secured a $191.1-million private loan to complete its rural broadband expansion in North Carolina and Virginia.
The financing comes from CoBank, which has a specific stream for rural broadband projects.
The fiber expansion project is expected to reach and service 100,000 locations by the time it is completed with a goal being to replace the remaining Wilkes infrastructure that relies on copper with fiber, read a press release.
“With this substantial financial backing, we are ready to break down barriers and bring the digital future within reach for even the most remote regions of North Carolina and Virginia,” said Wilkes Communications CEO Eric Cramer.
Wilkes has already received $270 million in funding from federal, state and local grants, which will go toward supplementing the loan from CoBank.
Kinetic lays out plan for Georgia buildout
Internet service provider Kinetic announced Tuesday its plan to rollout fiber to more than 70 percent of Colquitt County, Georgia in 2024.
The buildout will include nearly 440 miles of fiber – of which 180 has already been installed – meaning nearly 17,000 homes and 7,400 more customers will get fiber, the company said.
Kinetic said it is working with Colquitt Electric Membership Corp. to complete the $32.5-million fiber network, which includes $21.4 million in state money from the Local Fiscal Recovery Funds Program, which was backed by American Rescue Plan funds, and the remaining $11.1 million will come from Kinetic itself.
“We believe this transformation will open up new opportunities, including enhancing people’s qualities of life and driving economic growth,” said Michael Foor, president of Kinetic Georgia Operations, in the press release.
The company said currently 40 percent of the county is currently eligible to receive their fiber services.
