Marvell Technology Inc Stock Price, News & Analysis

On May 3, 2021, Inphi Corporation, a subsidiary of Marvell Technology (NASDAQ: MRVL), announced tender offers for the repurchase of its 0.75% Convertible Senior Notes due 2021 and 2025. The offers arise from a merger that triggered a Fundamental Change clause in the bond agreements, allowing noteholders to sell their notes at par plus interest. Conversion options include cash and shares of Marvell. The tenders begin on May 4, 2021, and end on June 1, 2021. Noteholders are advised to read the Offers to Purchase for terms and conditions.

Marvell Technology, Inc. announced the expiration of its Exchange Offers for Marvell Notes, where it aimed to exchange outstanding notes for new MTI Notes worth $1 billion. As of April 30, 2021, approximately $913.3 million in Marvell Notes were tendered, with a settlement date expected on May 4, 2021. Notably, 86.77% of the 4.200% Senior Notes due 2023 and 95.90% of the 4.875% Senior Notes due 2028 were validly exchanged. Eligible holders will receive a $1.00 cash payment per $1,000 of Marvell Notes tendered. MTI plans to issue new notes totaling approximately $913.2 million.

Marvell (NASDAQ: MRVL) has launched its new IEEE 802.3ch-based multi-gig automotive Ethernet PHY, designed for high-speed data transfer in connected vehicles. This PHY supports up to 10Gbps throughput, catering to advanced automotive features like driver assistance and 5G connectivity. The transition from domain-based to zonal architectures is facilitated by Marvell's technology, reducing costs and weight associated with conventional wiring. The PHY also integrates security features for data transmission, enhancing vehicle safety. It is currently available for customer sampling.

Marvell (NASDAQ: MRVL) has launched its IEEE 802.3ch-based multi-gig automotive Ethernet PHY, which supports data transfer speeds up to 10Gbps for connected cars. This innovation facilitates seamless communication for advanced features like driver assistance systems and autonomous driving. The 88Q4346 PHY is designed to optimize vehicle architectures by moving from domain-based to zonal-based platforms, reducing cable use and costs. With the rise of 5G networks, this PHY also enhances vehicle-to-everything communications, security, and overall vehicle performance.

On April 20, 2021, Marvell Technology Inc. (NASDAQ: MRVL) completed the acquisition of Inphi Corporation, merging both companies under Marvell Technology Group Ltd. The Merger Effective Date was marked at 4:01 p.m. Eastern Time. Inphi shareholders received 2.323 shares of MTI and $66.00 in cash per Inphi share. The merger also triggered a Make-Whole Fundamental Change for Inphi's noteholders, allowing them to convert their convertible senior notes into cash and MTI shares during a specified period ending on June 1, 2021.

Marvell Technology (MRVL) has completed its acquisition of Inphi Corporation, creating a stronger semiconductor player in data infrastructure. This strategic move aims to enhance Marvell's capabilities in key growth areas such as 5G, Cloud, and Automotive technologies. Dr. Ford Tamer, former Inphi CEO, joins Marvell's Board of Directors, bringing extensive leadership experience. The financial impact of Inphi's contributions will be detailed in Marvell's upcoming earnings call scheduled for June 7, 2021.

Marvell Technology Group Ltd. (NASDAQ: MRVL) announced that its subsidiary, Marvell Technology, Inc. (MTI), obtained consents from a majority of holders of its 4.200% Senior Notes due 2023 and 4.875% Senior Notes due 2028. The consents will allow Marvell to amend the indenture governing these notes, eliminating restrictive covenants and certain events that could lead to an 'Event of Default.' The Exchange Offers will expire on April 30, 2021, with anticipated settlement around May 4, 2021, as part of the company's acquisition of Inphi Corporation, expected to close on April 20, 2021.

Marvell Technology Group Ltd. (NASDAQ: MRVL) has received overwhelming shareholder approval for its acquisition of Inphi Corporation (NASDAQ: IPHI) and plans to reorganize the combined company in the U.S. Over 99% of voters supported these initiatives during recent meetings. Inphi's shareholders also approved the merger. Marvell anticipates closing the transaction around April 20, 2021, pending customary conditions. This acquisition is expected to enhance Marvell's data infrastructure technology capabilities and market position.

Marvell Technology Group Ltd. (NASDAQ: MRVL) announced the closing of a $2 billion Senior Notes Offering through its subsidiary, Marvell Technology, Inc. The offering includes $500 million of 1.650% Senior Notes due 2026, $750 million of 2.450% Senior Notes due 2028, and $750 million of 2.950% Senior Notes due 2031. The proceeds will primarily fund the acquisition of Inphi Corporation, expected to close in April 2021, pending necessary shareholder approvals. These notes will accrue interest semi-annually, beginning October 15, 2021.