NXP Semiconductors announced on Wednesday that it will acquire Marvell Technology Group Ltd's wireless connectivity business for $1.76 billion in cash. The acquisition includes Marvell's WiFi connectivity business unit, Bluetooth technology portfolio and related assets, as well as approximately 550 employees worldwide.

Upon completion of the acquisition, NXP will be able to sell Marvell connectivity products such as WiFi and Bluetooth and its edge computing platforms to customers in its industrial, automotive and communications infrastructure markets.

“We are excited to be able to combine Marvell’s world-class connectivity with NXP’s industry leading embedded processing, we can offer our customer base the broadest portfolio of Edge solutions which includes tailored security and a full suite of wireless connectivity spanning WiFi, Bluetooth, Bluetooth Low Energy, Zigbee, Thread and NFC. I am delighted this world-class team with the right set of complementary connectivity technologies is joining NXP, enabling us to deliver on our commitment to provide Secure Connections for the Smarter World.” said Richard Clemmer, chief executive officer of NXP.

The acquisition is expected to be completed in the first quarter of 2020, depending on the usual closing conditions, including regulatory approvals.