World News: 13:00 GMT Tuesday 3rd December 2019. [NXP USA, Inc.; Marvell via Globe Newswire via SPi World News]
EINDHOVEN, The Netherlands, and SANTA CLARA, Calif., Dec. 03, 2019 (GLOBE NEWSWIRE) -- 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.
Globe Newswire: 13:00 GMT Tuesday 3rd December 2019
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