Marvell today announced that it's selling its Wi-Fi and Bluetooth Connectivity Business to NXP in an all-cash deal valued at $1.76 billion.
“NXP has built a broad consumer footprint and an optimized platform for IoT applications," Marvell CEO Matt Murphy said in the announcement, "making it an ideal home for our innovative Wi-Fi technology and team.” The business unit includes Marvell’s Wi-Fi and Bluetooth technology portfolios and related assets, as well as approximately 550 people. It generated roughly $300 million in revenue in Marvell’s fiscal year 2019.
For its part, NXP expects to double the unit’s revenue by 2022, with CEO Richard Clemmer commenting: “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.”
This news follows two other major transactions in May involving Marvell. Earlier this month the company acquired Aquantia for $452 million to strengthen its position in automotive in-vehicle ethernet networking. It also bought Avera Semi from GlobalFoundries for $650 million, aiming to become the world leader in infrastructure ASIC solutions.
The deal is subject to customary closing conditions and regulatory approvals, but the companies expect it to close by the end of the first quarter of 2020.