SANTA CLARA, Calif.,
Nov. 5, 2019 /PRNewswire/
-- Marvell (NASDAQ: MRVL) today announced that it has
completed its acquisition of Avera Semiconductor, the Application
Specific Integrated Circuit (ASIC) business of
GLOBALFOUNDRIES. After working capital adjustments, the net
deal consideration of approximately $600
million is being funded by a short-term bridge loan.
By combining Marvell's advanced technology platform and scale with
Avera's custom design capabilities, Marvell is now able to offer
the complete spectrum of semiconductor solutions spanning 5G, data
center, enterprise, and automotive applications.
"With the addition of Avera, we have created an infrastructure
ASIC powerhouse with immediate scale and complete design
flexibility, making Marvell the ideal partner for leading wireline
and wireless OEMs," said Matt
Murphy, president and CEO of Marvell. "The Avera team,
originally part of IBM's Microelectronics business, has built a
25-year heritage of delivering leading solutions to blue-chip
customers, and we are thrilled welcome them to Marvell."
About Marvell
Marvell first revolutionized the digital
storage industry by moving information at speeds never thought
possible. Today, that same breakthrough innovation remains at
the heart of the company's storage, processing, networking,
security and connectivity solutions. With leading
intellectual property and deep system-level knowledge, Marvell's
semiconductor solutions continue to transform the enterprise,
cloud, automotive, industrial and consumer markets. To learn
more, visit: https://www.marvell.com.
Marvell Media Relations
Hanna Kang
Senior Manager, Public Relations
408-222-3780
hhkang@marvell.com
Kristin Hehir
Senior Manager, Public Relations
408-222-8744
kristinh@marvell.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/marvell-completes-acquisition-of-avera-semi-300951883.html
SOURCE Marvell