Marvell Technology agreed on 6 January to acquire XConn Technologies, a provider of PCIe and CXL switching silicon, for about $540m in cash and stock.
Why Marvell Technology, Inc. is buying XConn Technologies Holdings, Inc.
Marvell said XConn's products would expand its switching portfolio for accelerated infrastructure and that XConn's engineers would strengthen its UALink scale-up switch team. XConn, which is privately funded, has more than 20 customers; its PCIe 5 and CXL 2.0 switches are in production and its PCIe 6 and CXL 3.1 switches are sampling.
“This combination creates a compelling switching platform for accelerated infrastructure”
Deal terms and financing
Consideration of about $540m is split roughly 60% cash and 40% stock, the latter equal to about 2.5 million Marvell shares based on a 20-day volume-weighted average price. Marvell expected XConn to contribute revenue and become accretive to non-GAAP earnings in the second half of fiscal 2027, with revenue of about $100m in fiscal 2028.
Regulatory approvals and timing
Closing was expected in early 2026, subject to regulatory approvals. Marvell announced on 10 February 2026 that it had completed the acquisition, saying the cash payment reduced its balance by $325m.
Market context
XConn's switches connect processors, accelerators and memory inside AI and cloud servers. Marvell said after closing that it expected XConn revenue to reach a $50m annualised run rate by the fourth quarter of fiscal 2027, and that the deal would add about $25m a year to non-GAAP operating expenses.
