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Marvell to acquire semi design business for $24M

Posted: 23 Dec 2005 ?? ?Print Version ?Bookmark and Share

Keywords:Marvell? UTStarcom?

Marvell has signed a definitive agreement to purchase the semiconductor design business of networking solutions and services provider UTStarcom Inc. for $24 million, the companies said.

UTStarcom's semiconductor design business is primarily focused on developing wireless communications solutions, including 3G wireless application technologies and silicon solutions for Personal Handyphone System (PHS) products, the companies said.

In a statement issued Wednesday, Sehat Sutardja, Marvell president and CEO, noted that the agreement would expand Marvell's growing operations in China, where UTStarcom (Alameda, Calif.) maintains research and design operations. UTStarcom also maintains research and design operations in India, Korea and the United States.

Under the terms of the agreement, Marvell will purchase substantially all of the assets of UTStarcom's system-on-chip semiconductor business division for $24 million in cash. The acquisition is expected to close within 60 days following the satisfaction of regulatory requirements and other customary closing conditions.

Marvell said the acquisition includes assets acquired by UTStarcom in its 2001 acquisition of Advanced Communications Devices Corp. in 2001.

In accordance with the definitive agreement, Marvell may pay an additional $16 million upon certain defined milestones being achieved, the company said.

- Dylan McGrath
EE Times




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