RTTNews | Oct 29, 2020 07:44AM EDT

07:44 Thursday, October 29, 2020 (RTTNews.com) - Marvell Technology Group Ltd. (MRVL) and Inphi Corp. (IPHI) announced a definitive agreement, under which Marvell will acquire Inphi in a cash and stock deal. The transaction consideration will consist of $66 in cash and 2.323 shares of stock of the combined company for each Inphi share.

Upon closing of the transaction, Marvell shareholders will own approximately 83% of the combined company and Inphi stockholders will own approximately 17% of the combined company. Marvell intends to reorganize so that the combined company will be domiciled in the United States. Upon closing, Ford Tamer, Inphi's CEO, will join Marvell's Board.

Marvell expects the acquisition to generate annual run-rate synergies of $125 million to be realized within 18 months after the transaction closes and is expected to become accretive to company's non-GAAP earnings per share by the end of the first year after the transaction closes.

Marvell Technology Group said, based on preliminary financial information, the company expects its third quarter revenue to be in the range of $750 million, plus/minus 2%.

Read the original article on RTTNews ( https://www.rttnews.com/3140740/marvell-to-acquire-inphi-in-cash-stock-deal-quick-facts.aspx)

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