EX-99.1
Published on November 5, 2019
Exhibit 99.1
Marvell Completes Acquisition of Avera Semi
Creates Leading ASIC Provider for Wired and Wireless Infrastructure
SANTA CLARA, Calif. (November. 5, 2019) 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 Marvells advanced technology platform and scale with Averas 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 IBMs 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 companys storage, processing, networking, security and connectivity solutions. With leading intellectual property and deep system-level knowledge, Marvells semiconductor solutions continue to transform the enterprise, cloud, automotive, industrial and consumer markets. To learn more, visit: https://www.marvell.com.
Marvell Media Relations
Kristin Hehir
Senior Manager, Public Relations
408-222-8744
kristinh@marvell.com
Hanna Kang
Senior Manager, Public Relations
408-222-3780
hhkang@marvell.com