Broadcom stock rises into record territory after deal to sell its EUC Division for $4 billion to KKR

Shares of Broadcom Inc.
AVGO,
-0.65%
gained 0.8% into record territory in premarket trading Monday, after the semiconductor and software company agreed to sell its End-User Computing Division to KKR & Co. Inc.
KKR,
+0.03%
in a deal valued at $4 billion. KKR shares rose 2.3% ahead of the open. The EUC Division. which was a part of VMware until Broadcom’s acquisition of VMware closed in November 2023, provides digital workspace offerings that allows businesses to manage desktops and data across any platform. “We are confident that this pending transaction marks an exciting next chapter for the EUC Division and one that will create enormous opportunities and benefits for our customers, partners and employees,” said Shankar Iyer, General Manager of the EUC Division. Broadcom’s stock has soared 32.4% over the past three months through Friday, while the S&P 500
SPX,
+0.03%
has gained 11.6%.