May 29, 2019 / 12:41 PM / 5 months ago

NXP to buy Marvell's wireless connectivity portfolio for $1.76 bln

May 29 (Reuters) - Chipmaker NXP Semiconductors NV said on Wednesday it will buy Marvell Technology Group Ltd’s wireless connectivity portfolio for $1.76 billion in cash.

The transaction is expected to close by the first quarter of 2020.

Shares of Marvell up 3.84% at $22.17 before the bell. (Reporting by Sayanti Chakraborty in Bengaluru; Editing by Shinjini Ganguli)

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