© NXP Business | May 29, 2019
NXP to acquire Marvell's Wi-Fi connectivity business
Marvell says it has entered into a definitive agreement under which NXP will acquire Marvell's Wi-Fi Connectivity business in an all-cash, asset transaction valued at USD 1.76 billion.
The acquisition covers Marvell's Wi-Fi and Bluetooth technology portfolios and related assets. The business employs about 550 people worldwide and generated roughly USD 300 million in revenue during Marvell's fiscal 2019. The transaction has already been approved by the boards of directors of NXP and Marvell and is expected to close by calendar Q1 2020, subject to customary closing conditions and regulatory approvals. Marvell anticipates that this divestiture will enhance its gross and operating margins upon closing, a press release reads. "NXP has built a broad consumer footprint and an optimized platform for IoT applications, making it an ideal home for our innovative Wi-Fi technology and team," says Matt Murphy, president and CEO of Marvell. "At the same time, this transaction yields a premium valuation and substantially higher economic return for Marvell shareholders while accelerating our transformation into a leading infrastructure supplier spanning 5G, data center, enterprise and automotive Ethernet applications." The acquisition will enable NXP to deliver complete, scalable processing and connectivity solutions to its customers across its focus end markets. “We are excited to be able to combine Marvell’s world-class connectivity with NXP’s industry leading embedded processing, we can offer our customer base the broadest portfolio of Edge solutions which includes tailored security and a full suite of wireless connectivity spanning WiFi, Bluetooth, Bluetooth Low Energy, Zigbee, Thread and NFC,” says Richard Clemmer, chief executive officer of NXP.
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