Marvell Technology, Inc. (NasdaqGS:MRVL) entered into a definitive agreement to acquire Xconn Technologies Holdings Inc for approximately $550 million on January 5, 2026. The consideration valued at approximately $540 million, to be paid in a mix of approximately 60% cash and 40% stock, with the stock portion valued based on Marvell?s 20-day volume weighted average price. The stock consideration is expected to represent approximately 2.5 million shares of Marvell common stock. Following the completion, XConn Technologies will become accretive to Marvell?s non-GAAP earnings, ramping to approximately $100 million in revenue in fiscal 2028.
The transaction is expected to close in early calendar 2026, subject to customary closing conditions and regulatory approvals.
Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisor for Marvell Technology, Inc. Goodwin Procter LLP acted as legal advisor and financial advisor for Xconn Technologies Holdings Inc. Jacob MacAdam and Vance Power of Appleby Global Services (Cayman) Limited acted as Cayman Islands counsel for Marvell Technology, Inc.
Marvell Technology, Inc. (NasdaqGS:MRVL) completed the acquisition of Xconn Technologies Holdings Inc on February 10, 2026. As of February 18, 2026, Marvell Technology issued 2,263,077 shares in connection with its acquisition of XConn Technologies Holdings, Ltd.
Marvell Technology Group Ltd specializes in designing and marketing integrated communications and storage circuits intended for manufacturers of high-speed network equipment, hard disks, and consumer electronics. Net sales break down by area of application as follows:
- data centers (72.2%): artificial intelligence systems, data storage systems, Ethernet switches, servers, interconnection systems, etc.;
- enterprise networks (10.9%): routers, Ethernet switches, wireless access points, network equipment, workstations, etc. for campuses, small and medium-sized enterprises;
- telecom network infrastructures (5.9%): access multiplexers, Ethernet switches, optical transport systems, routers, wireless radio network access systems, etc.;
- consumer electronics (5.5%): broadband gateways and routers, game console systems, home data storage systems, home wireless access points, personal computer systems, printers and receiver terminals;
- automotive and industrial (5.5%): advanced driver assistance systems, autonomous vehicle systems, embedded network systems, industrial Ethernet switches, video surveillance systems.
Net sales are distributed geographically as follows: the United States (16.6%), China (43.5%), Taiwan (9.7%), Singapore (7.8%), Thailand (5.3%), Japan (2.9%), Malaysia (2.5%), Finland (2%) and other (9.7%).
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