Marvell technology The $ 10 billion acquisition of Inphi has officially closed, expanding its reach in data centers and 5G network infrastructure.
The deal was closed on Wednesday, about a month after China approved the acquisition, Marvell CEO Matt Murphy told CNBC’s Jim Cramer.
“We are very happy that we received approval from China in March … I think we are exceeding many people’s expectations,” Murphy said in an interview broadcast on Wednesday.Bad money“It’s a very clean business and the support from all of our customers around the world, including China, has been overwhelming.”
Marvell’s semiconductors compete with BroadcomProducts that transmit data over copper-based cables. Inphis Chips transmit data over fiber optic cables and its products are used by data-dependent companies such as Amazon, alphabetGoogle and Facebook.
Murphy said the merger will make it more profitable for growth in key end markets of 5G, cloud and automotive.
As part of the acquisition, Marvell relocated from Bermuda to Delaware, a state that offers corporate tax breaks.
Dr. Ford Tamer, who was President and CEO of Inphi for nearly 10 years, joins Marvell’s board of directors as a director.
Since the merger was announced in late October, Marvell shares are up 19% through Wednesday’s close of trading.
Disclosure: Cramer’s charitable foundation owns shares in Marvell Technology, Amazon, Alphabet, Broadcom, and Facebook.