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Marvell receives Chinese 'Ok' for Inphi acquisition
Semiconductor company Marvell Technology announces that the State Administration for Market Regulation in China has approved the company's previously announced proposed acquisition of Inphi Corporation.
The transaction is currently expected to close in April 2021, pending approval by Inphi's and Marvell's stockholders, as well as other customary closing conditions. It was back in late October 2020 that Marvell and Inphi entered into a definitive agreement under which Marvell would acquire Inphi for about USD 10 billion. The combination of the two companies, which will be domiciled in the US, will create a US semiconductor powerhouse with an enterprise value of approximately USD 40 billion. Under the terms of the agreement, the transaction consideration will consist of USD 66 in cash and 2.323 shares of stock of the combined company for each Inphi share. Upon closing, Marvell shareholders will own approximately 83% of the combined company and Inphi stockholders will hold 17%.