Marvell Technology officially completed its $10 billion acquisition of Inphi, expanding its reach in data centers and 5G network infrastructure.
The deal closed on Wednesday, about one month after China approved the acquisition, Marvell CEO Matt Murphy told CNBC’s Jim Cramer.
“We’re thrilled to have gotten approval from China back in March… I think ahead of a lot of people’s expectations,” Murphy said in an interview that aired Wednesday on “Mad Money.” “It’s a very clean deal and there was overwhelming support from all of our customers globally, including in China.”
Marvell’s semiconductors compete with Broadcom‘s products that run data through copper-based cables. Inphi’s chips transfer data over fiber-optic cables and its products are used by data-dependent companies like Amazon, Alphabet‘s Google and Facebook.
Murphy said the tie-up makes it more viable for growth in the key end markets of 5G, cloud and automotive.
Marvell also shifted its domicile to Delaware, a state that offers tax advantages to corporations, from Bermuda as part of the acquisition.
Dr. Ford Tamer, who served as president and chief executive officer of Inphi for almost 10 years, joins Marvell’s board as a director.
Since the merger was announced in late October, Marvell shares have climbed 19% through Wednesday’s close.
Disclosure: Cramer’s charitable trust owns shares of Marvell Technology, Amazon, Alphabet, Broadcom and Facebook.
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