Marvell to acquire Avera Semi from Globalfoundries for $650m.

Marvell, a global semiconductor company, agreed to acquire Avera Semiconductor, a provider of the application-specific integrated circuit, from Globalfoundries, a full-service foundry delivering truly differentiated semiconductor technologies, for $650m. The transaction is expected to close by the end of Marvell’s fiscal year 2020 pending receipt of regulatory approvals and other customary closing conditions. Marvell will pay GLOBALFOUNDRIES $650m in cash at closing plus an additional $90m in cash if certain business conditions are satisfied within the next 15 months. “With their highly experienced design team and Marvell’s leading technology platform, we will be better positioned to capitalize on our expanding opportunity in wired and wireless infrastructure, starting immediately in the fast-growing 5G base station market," Matt Murphy, Marvell President and CEO.