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Broadcom vows $1.5B investment to support 5G development in US

Following move by a U.S. national security panel to review Broadcom Ltd.'s hostile, $117 billion takeover bid for chipmaker QUALCOMM Inc., the Singapore-based chipmaker vowed to ensure U.S. leadership in developing 5G, the next generation mobile phone networks.

In a statement, Broadcom pledged to create a $1.5 billion fund to train and educate the next generation of engineers in the U.S. and ensure the country's lead in the future wireless technology.

The announcement represents an attempt by Broadcom to strengthen its bid for Qualcomm amid an ongoing investigation by the Committee on Foreign Investment in the U.S. into whether the takeover would pose a national security risk. CFIUS on March 4 ordered Qualcomm to delay its March 6 shareholder meeting.

"Broadcom will not only maintain the R&D resources Qualcomm devotes to 5G and innovation in future wireless standards – we will also focus R&D spend to those critical technologies that are essential to the U.S.," Broadcom said in the statement.