In one of the biggest tech acquisitions of all time, chipmaker Broadcom is buying cloud services provider VMware in a $61 billion cash-and-stock deal. Following the closing of the deal, the Broadcom Software Group will rebrand and operate as VMware, incorporating Broadcom’s existing infrastructure and security software solutions as part of an expanded VMware portfolio.

By bringing together the complementary Broadcom Software portfolio with the leading VMware platform, the combined company aims to provide enterprise customers an expanded platform of critical infrastructure solutions to accelerate innovation and address the most complex information technology infrastructure needs.

According to the company, the combined solutions will enable customers, including leaders in all industry verticals, greater choice and flexibility to build, run, manage, connect and protect applications at scale across diversified, distributed environments, regardless of where they run: from the data center, to any cloud and to edge-computing.

With the combined company’s shared focus on technology innovation and significant research and development expenditures, Broadcom aims to deliver compelling benefits for customers and partners.

The transaction is likely to be completed in Broadcom’s fiscal year 2023.