Tech firm 'Cavium ' co-founded by Pakistani graduate bought for $6 billion by Marvell group

04:20 PM | 24 Nov, 2017
Tech firm 'Cavium ' co-founded by Pakistani graduate bought for $6 billion by Marvell group
WASHINGTON - In what appears to be a mind-boggling deal in the global technological sphere, Chipmaker Marvell Technology Group Ltd (MRVL.O) confirmed on Monday it would buy smaller rival Cavium Inc (CAVM.O) for about $6 billion.

The firm Cavium which deals in processor and board level products targeting routers, switches, appliances, storage and servers was co-founded by NED University Karachi graduate M. Raghib Hussain and as per the smashing deal,  Marvell will acquire all outstanding shares of Cavium common stock in exchange for consideration of $40.00 per share in cash and 2.1757 Marvell common shares for each Cavium share.

The acquisition of San Jose, California-based Cavium is the biggest deal for Marvell Chief Executive Officer Matthew J. Murphy, who took the role last year after an accounting scandal forced the resignation of his predecessor.

“This is an exciting combination of two very complementary companies that together equal more than the sum of their parts,” Murphy said in a statement.

The total magnitude of the agreement is gauged around $6 billion but the Pakistani graduate along with the Syed Ali, chief executive officer of Cavium and engineering executive Anil Jain would also be joining the board of Marvell.

Cavium produces network, security, server, switching processors and systems. Last year it acquired QLogic, a manufacturer of interface devices for storage area networks, for about $1.3 billion.

On the other hand, Marvell has a market capitalization of $10 billion while Cavium has a market capitalization of $5.2 billion.

The writer is a civil servant.


Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 22 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 22, 2024 (Thursday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300.2 for buying and 303.2 for selling while British Pound rate stands at 350.6 for buying, and 354.1 for selling.

UAE Dirham AED hovers at 76.2 whereas the Saudi Riyal saw slight increase, with new rates at 74.45.

Today’s currency exchange rates in Pakistan - 22 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300.2 303.2
UK Pound Sterling GBP 350.6 354.1
U.A.E Dirham AED 76.2 76.95
Saudi Riyal SAR 74.45 75.2
Australian Dollar AUD 181.15 183.15
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207.15 209.15
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207.1 209.1
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08


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