NXP is buying Marvell’s Wi-Fi business for $1.76 billion
The deal covers Wi-Fi and Bluetooth technology and the business employs about 550 people worldwide and generated $300 million in revenue in Marvell’s latest fiscal year. The transaction has been approved by the boards of directors of NXP and Marvell and is expected to close by calendar 1Q20, subject to customary closing conditions and regulatory approvals.
“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,” said Matt Murphy, CEO of Marvell, in a statement. “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.”
“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, CEO of NXP, in a statement from NXP.
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