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NXP Concludes Buyout of Marvell's Connectivity Assets

NXP Semiconductors N.V. has moved forward to complete the acquisition of the wireless connectivity portfolio of Marvell Technology Group Ltd. The Dutch conglomerate said that the acquisition has already met the necessary regulatory approvals and both companies were supposed to complete the transaction before the first half of December 2019.

"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 (internet of things), as well as in the Automotive and Communication Infrastructure markets," said Rick Clemmer, NXP Chief Executive Officer.

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 standards 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.