Friday, April 19, 2024

NED alum Raghib Husain’s sells company to Marvell for $6bn

According to the sources, Pakistani-American Raghib Hussain has sold his company Cavium to Marvell; a chip maker company of a $6 billion deal in cash and stock.

Hussain is a graduate of NED Karachi, and was co-founder of Cavium, started this company with his friend Syed B. Ali. And in 2007, they brought the company into the public domain at a market price of $600 million.

As per sources, Marvell Technology presented around $6 billion for Cavium in a cash-and-stock agreement that will establish a chipmaker to compete against Intel and other giants in the industry. 

Cavium shareholders are anticipated to possess about 25% of the merged company. Matt Murphy CEO of Marvell is going to be the head of the combined company, with Syed Ali Cavium co-founder and CEO, in the position of a strategic consultant and panel participant. 

Cavium develops chips for wired and wireless communications technology devices and is leading in networking technology while Marvell creates application-specific chips and IC’s for data storage space. The combined company will reduce costs and offer a more reliable package for prospective customers.

Hussain said in an email to his friends:

“Now that news is public, you must have known that why I was so busy lately. It is a day with mixed feelings for me. It’s like sending [a] 17-year-old off to college. In any situation, I’m thankful to God for allowing us to experience this.”

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