NXP and Marvell Announce Final Regulatory Approval and Expected Close Date for NXP’s Acquisition of Marvell’s Wi-Fi and B...
December 03 2019 - 8:00AM
NXP Semiconductors N.V. (NASDAQ: NXPI) and Marvell (NASDAQ: MRVL)
today announced that all necessary regulatory approvals have been
received for NXP’s acquisition of the wireless connectivity
portfolio from Marvell.
The companies expect to close the transaction in the first half
of December 2019.
“We are pleased that the closing of this deal is upon us, and
ahead of schedule,” said Rick Clemmer, NXP Chief Executive Officer.
“Marvell’s world-class engineering team and industry-leading
connectivity product set, especially the disruptive Wi-Fi 6
portfolio, will immediately complement NXP’s processing, security
and connectivity offerings in the Industrial & IoT, as well as
in the Automotive and Communication Infrastructure markets. We are
very excited to soon be able to offer NXP’s customers one of the
broadest portfolios of edge solutions in the industry, truly
enabling us to deliver on our vision to provide Secure Connections
for the Smarter World.”
In May 2019, NXP agreed to acquire Marvell’s wireless
connectivity portfolio in an all-cash, asset transaction. 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).
The acquisition includes nearly 600 people worldwide and is
expected to be accretive to NXP’s non-GAAP operating profit in the
first full quarter after the transaction closes.
About NXP SemiconductorsNXP Semiconductors N.V.
(NASDAQ: NXPI) enables secure connections for a smarter world,
advancing solutions that make lives easier, better, and safer. As
the world leader in secure connectivity solutions for embedded
applications, NXP is driving innovation in the automotive,
industrial & IoT, mobile, and communication infrastructure
markets. Built on more than 60 years of combined experience and
expertise, the company has approximately 30,000 employees in more
than 30 countries and posted revenue of $9.41 billion in 2018. Find
out more at www.nxp.com.
About MarvellMarvell first revolutionized the
digital storage industry by moving information at speeds never
thought possible. Today, that same breakthrough innovation remains
at the heart of the company's storage, processing, networking,
security and connectivity solutions. With leading intellectual
property and deep system-level knowledge, Marvell's semiconductor
solutions continue to transform the enterprise, cloud, automotive,
industrial and consumer markets. To learn more, visit:
https://www.marvell.com.
Forward-looking StatementsThis document
includes forward-looking statements which include statements
regarding NXP’s business strategy, financial condition, results of
operations, and market data, as well as any other statements which
are not historical facts. By their nature, forward-looking
statements are subject to numerous factors, risks and uncertainties
that could cause actual outcomes and results to be materially
different from those projected. Readers are cautioned not to place
undue reliance on these forward-looking statements. Except for any
ongoing obligation to disclose material information as required by
the United States federal securities laws, NXP does not have any
intention or obligation to publicly update or revise any
forward-looking statements after NXP distributes this document,
whether to reflect any future events or circumstances or otherwise.
For a discussion of potential risks and uncertainties, please refer
to the risk factors listed in NXP’s SEC filings. Copies of NXP’s
SEC filings are available on NXP’s Investor Relations website,
https://investors.nxp.com or from the SEC website,
www.sec.gov.
For further information, please contact:
Investors: |
Media: |
Jeff Palmer |
Jacey Zuniga |
jeff.palmer@nxp.com |
jacey.zuniga@nxp.com |
+1 408 518 5411 |
+1 512 895 7398 |
|
|
Ashish Saran |
Stacey Keegan |
ir@marvell.com |
skeegan@marvell.com |
+1 408 222 0777 |
+1 408 222 8966 |
NXP-Corp
Marvell Technology (NASDAQ:MRVL)
Historical Stock Chart
From Apr 2024 to May 2024
Marvell Technology (NASDAQ:MRVL)
Historical Stock Chart
From May 2023 to May 2024