© dmitriy shironosov dreamstime.com
Business |
Marvell completes sale of Wi-Fi connectivity business to NXP
Marvell has completed the sale of its Wi-Fi Connectivity business to NXP. The divestiture encompasses Marvell's Wi-Fi and Bluetooth technology portfolios and related assets.
The acquisition is valued at USD 1.76 billion and includes nearly 600 people worldwide, which will now be a part of NXP.
Marvell is updating its current quarter revenue guidance to reflect the Wi-Fi Connectivity business sale to NXP. The company now anticipates fourth quarter FY20 revenue of USD 710 million, compared to the original guidance for USD 750 million.
The acquisition will enable NXP to deliver complete, scalable processing and connectivity solutions to its customers across its end markets, including tailored security and a full suite of wireless connectivity spanning Wi-Fi, Bluetooth, Bluetooth Low Energy, Zigbee, Thread and Near Field Communications (NFC).
