Marvell Completes Sale of WiFi Connectivity Biz to NXP

SANTA CLARA, Calif. -- Marvell (NASDAQ: MRVL) today announced the completion of the sale of its Wi-Fi Connectivity business to NXP (NASDAQ: NXPI). The divestiture encompasses Marvell's Wi-Fi and Bluetooth technology portfolios and related assets.

Updated Revenue Guidance
Marvell is updating its current quarter revenue guidance to reflect the Wi-Fi Connectivity business sale to NXP. The Company now anticipates fourth quarter FY20 revenue of $710 million +/- 3% vs. original guidance for $750 million +/- 3% as provided at the time of the third quarter earnings announcement on December 3, 2019.

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