...The acquisition of VMware, which we expect to close in late 2023, will accelerate Broadcom's expansion into the software business and provide greater operating stability. Although it now faces increased regulatory hurdles to closing, including enhanced review in both the U.K. and EU, we continue to expect the transaction to close in late 2023 and view the pending acquisition as the primary factor supporting our positive CreditWatch. The contribution of VMware's approximately $13 billion of revenue will continue Broadcom's transition to enterprise software, reducing its reliance on more volatile semiconductor sales. We estimate this transaction will increase the share of sales from infrastructure software to just less than half of the pro forma total and about 40% of operating income. This will improve the risk profile of Broadcom's business through a substantial base of recurring revenues, entrenched customer relationships in mature markets, and leading market share in core software offerings....
