Marvell plans to draw down on revolver for Aquantia acquisition

By Wendy Van Sickle

Columbus, Ohio, May 6 – Marvell Technology Group Ltd. plans to draw down on its revolving credit facility to fund a portion of its acquisition of Aquantia.

Marvell announced in a news release Monday that it has entered a definitive agreement to acquire all the common shares of the company for $13.25 per share in cash, representing about $452 million in transaction value after adjusting for net cash on Aquantia's balance sheet.

Marvell will also use cash on hand to fund the acquisition, which is expected to close by the end of the calendar year.

Marvell is a Hamilton, Bermuda-based provider of storage, networking and connectivity solutions.

San Jose, Calif.-based Aquantia designs, develops and markets advanced, high-speed communications interface controllers for ethernet connectivity in the data center, enterprise infrastructure, access and automotive markets.

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