NXP has acquired Marvell’s Wireless Connectivity portfolio in an all-cash, asset transaction valued at $1.76 billion. The acquisition encompasses Marvell’s WiFi Connectivity Business Unit, Bluetooth technology portfolio and related assets.

The acquisition will enable NXP to deliver complete, scalable processing and connectivity solutions to its customers across its focus end markets. The acquisition includes approximately 550 people worldwide. NXP expects the acquisition to create new revenue opportunities in its target end markets. With approximately $300 million in revenue in Marvell’s fiscal 2019, NXP anticipates revenue associated with the acquired assets to double by 2022. The acquisition is expected to be accretive to NXPs non-GAAP operating profit in the first full quarter after the transaction closes.

The transaction is expected to close by the first quarter of 2020, subject to customary closing conditions, including regulatory approvals.

Marvell’s connectivity team has been a pioneer in providing innovative, secure and reliable Wi-Fi and Bluetooth combo solutions for nearly two decades. The acquisition enables NXP to offer its customers a full range of wireless connectivity solutions including WiFi 4, 5, 6 and Bluetooth/ BLE combo along with its flagship edge computing platforms including I.MX, Layerscape, Kinetis, LPC and the newly introduced RT Crossover Processors to provide solutions for the Industrial & IoT, Automotive and Communication Infrastructure markets that simplifies customers’ supply chain logistics and improves time-to-market.

“We are excited to be able to combine Marvell’s world-class connectivity with NXP’s industry leading embedded processing”, said Richard Clemmer, chief executive officer of NXP. “I am delighted this world-class team with the right set of complementary connectivity technologies is joining NXP, enabling us to deliver on our commitment to provide Secure Connections for the Smarter World.”