February 29, 2024 /SemiMedia/ -- Chipmaker Broadcom is close to a $3.8 billion deal to sell its remote access business, the end-user computing unit (ECU), to private equity firm KKR, according to semiconductor industry insiders.

The potential deal represents Broadcom CEO Hock Tan's efforts to streamline the company's portfolio after completing its $69 billion acquisition of software maker VMware in November 2023. As early as December 2023, the company said it would seek to spin off its end-user computing unit.

Insiders pointed out that Evercore, Deutsche Bank and Jefferies advised KKR on the deal, while Citigroup advised Broadcom. UBS Group AG, Jefferies and KKR's capital markets arm will provide debt financing for the deal.