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Avago to sell printer ASICs business to Marvell

Posted: 28 Feb 2006     Print Version  Bookmark and Share

Keywords:Avago Technologies  semiconductor  printer ASIC  Marvell 

Avago Technologies, a privately held semiconductor company, recently disclosed that it signed a definitive agreement to sell its printer ASICs business to Marvell for Rs.1,062 crore ($240 million) in cash upon closing.

The acquisition is expected to close within 60 days following the satisfaction of regulatory requirements and other customary closing conditions. Marvell may pay an additional Rs.154.88 crore ($35 million) based upon the achievement of certain revenue targets by the printer ASICs business.

This sale will enable Avago to further concentrate resources in growing markets and its core business. The company anticipates using the net cash proceeds from the sale to further reduce the debt related to its buyout from Agilent Technologies in December 2005.

"We believe the opportunities for growth and success for the printer ASICs business are best achieved by combining the unit with Marvell, given their desire to leverage their broad portfolio of high-performance silicon solutions," said Dick Chang, president and CEO of Avago. "The sale also allows Avago to focus on strengthening its remaining businesses through internal investments and acquisitions."

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