Marvell (NASDAQ:MRVL) completes its acquisition of Avera Semiconductor

On Tuesday Marvell (NASDAQ:MRVL) traded with change of 0.9% on volume of 8704796 shares in the last session as compared to average volume of 6619989 shares. During last trade its minimum price was $26.81 and it gained highest price of $27.47. MRVL has total market capitalization of $18035680610. Its closing value stands at $27.04.

On Nov. 5, 2019, Marvell (NASDAQ:MRVL) notified 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 to welcome them to Marvell.

Barbara Thornton

Barbara Thornton Tech Industry Reporter I graduated with subject B.S. in Broadcast Journalism and Political Science. I always looking to spin a good story, I welcomes ideas and suggestions from everyone. I am currently residing in Johnstown, with my wife, two sons and one daughter. In my free time, I like to play golf and bass guitar. I have keen interest in Technology trends that are taking place globally. Mailing address: 13849 Miller Road, Johnstown, OH 43031, USA Zip code: 46703 Phone number: (62) 2523-9336 Email: [email protected]

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