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Marvell to acquire Avera Semi from Globalfoundries
Marvell says it has entered into definitive agreements to purchase Avera Semiconductor, the Application Specific Integrated Circuit (ASIC) business of Globalfoundries.
This acquisition brings together Avera Semi's custom design capabilities with Marvell's technology platform and scale, creating a powerhouse in ASIC’s for wired and wireless infrastructure. The agreements include transfer of Avera's revenue base, strategic design wins with infrastructure OEMs, and a new long-term wafer supply agreement between Globalfoundries and Marvell, a press release reads. Marvell is focused on becoming a force to be reckoned in the supply of infrastructure semiconductor solutions. Avera's ASIC capabilities will accelerate this transformation. Specifically, Avera's advanced full custom development capabilities complements Marvell's standard and semi-custom product portfolio. "Our acquisition of Avera enables us to offer the complete spectrum of product architectures spanning standard, semi-custom to full ASIC solutions," says Matt Murphy, president and CEO of Marvell. "With their highly experienced design team and Marvell's leading technology platform, we will be better positioned to capitalize on our expanding opportunity in wired and wireless infrastructure, starting immediately in the fast growing 5G base station market. In addition, we are looking forward to furthering our successful partnership with Globalfoundries in the coming years and beyond." Under the terms of the agreement, Marvell will pay Globalfoundries USD 650 million in cash at closing plus an additional USD 90 million in cash if certain business conditions are satisfied within the next 15 months. "This transaction is another example of our commitment to focus on our core business of providing differentiated foundry offerings as a manufacturing service provider, while establishing deeper relationships with customers who are leaders in their respective sectors," said Tom Caulfield, CEO at Globalfoundries. "With this deal and our growing strategic partnership with Marvell, we will forge new opportunities for the teams of both companies to leverage GF's broad set of offerings and capitalize on the 5G infrastructure market as well as other opportunities. We look forward to becoming a strategic provider for Marvell for decades to come." The transaction is expected to close by the end of Marvell's fiscal year 2020 given that the transaction receives all regulatory approvals and other customary closing conditions.
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