Marvell completes XConn Technologies acquisition

Marvell closed its acquisition of XConn Technologies, which adds PCIe and CXL switching silicon to its data center lineup. Marvell's cash fell by $325 million at closing and it issued about 2.7 million shares. The company expects XConn revenue to begin in fiscal Q3 2027 and reach about $100 million in fiscal 2028.

• Cash balance fell by $325 million at closing
• About 2.7 million shares issued
• About $25 million of added annual non-GAAP operating expenses
• Revenue expected to start in fiscal Q3 2027; $100 million expected in fiscal 2028