Marvell announced the completion of the sale of its Wi-Fi Connectivity business to NXP.
The divestiture encompasses Marvell’s Wi-Fi and Bluetooth technology portfolios and related assets. Marvell is updating its current quarter revenue guidance to reflect the Wi-Fi Connectivity business sale to NXP.
The companies expect to close the transaction in the first half of December 2019.
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).
Rick Clemmer, CEO, NXP
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.