Tuesday, November 7, 2006

Marvell Completes Acquisition of Intel's Communications Business

Marvell Technology Group completed the acquisition of Intel's cellular and applications processor business. Marvell made a cash payment of $600 million. Marvell also completed its previously announced senior term loan facility in an aggregate principal amount of $400 million which was used together with existing cash on hand to pay the purchase price.

Marvell's mission is to be a long-term, leading supplier in the cellphone and consumer electronics markets," said Dr. Sehat Sutardja, Marvell's chairman, president and CEO. "By adding cellular baseband and applications processors to our broad, diverse product portfolio we continue to expand the reach of Marvell technology into an increasing number of consumer devices and end markets."http://www.marvell.com


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