Acquirer: NXP Semiconductors N.V. (The Netherlands)
Acquired: WiFi and Bluetooth/BLE businesses of Marvell Technology Group, Ltd. (Bermuda)
Value: US$1.74 billion
Industry: Semiconductors; Network and Data Solutions
On May 29, 2019, NXP Semiconductors N.V., a publicly trade Netherlands semiconductor company (NASDAQ: NXPI), announced that “its wholly owned subsidiary has entered into a definitive agreement with Marvell [Technology Group, Ltd.] (NASDAQ: MRVL) under which NXP will acquire Marvell’s Wireless Connectivity portfolio in an all-cash, asset transaction valued at $1.76 billion.” (NXP Semiconductors N.V. Press Release, NXP to acquire Marvell’s WiFi and Bluetooth Connectivity Assets, May 29, 2019.) CFIUS Approval was a condition to closing. (See Section 7.1(c), Asset Purchase Agreement, Marvell Technology Group, Ltd., Form 10-Q, Ex-2.1, Sept. 4, 2019, SEC Filing.) On December 6, 2019, Marvell Technology Group “announced the completion of the sale of its Wi-Fi Connectivity business to NXP (NASDAQ: NXPI).” (Marvell Technology Group, Ltd., Form 8-K, Ex-99.1, Dec. 6, 2019, SEC filing.)
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