Marvell, a computer networking technology supplier, has reached an agreement to purchase Avera Semi, the chip design business of Global Foundries.
Marvell will initially pay $650 million in cash and an additional $90 million over the next year or so, depending on the performance of the business.
Marvell says the acquisition brings together Avera Semi’s “leading custom design capabilities with Marvell’s advanced technology platform and scale”, creating a “leading application specific integrated circuit supplier for wired and wireless infrastructure”. [Read more…] about Marvell to acquire Avera Semi for $740 million