Private equity firm KKR reports stake in chipmaker Marvell

Nishtha Kanal • December 31, 2013, 09:57:53 IST

Private equity firm KKR & Co LLP has reported a 6.8 percent stake in chipmaker Marvell Technology Group Ltd, according to a regulatory

Private equity firm KKR reports stake in chipmaker Marvell

Private equity firm KKR & Co LLP has reported a 6.8 percent stake in chipmaker Marvell Technology Group Ltd, according to a regulatory filing.

Marvell’s shares rose about 5 percent in extended trading after closing at $13.76 on the Nasdaq on Monday. KKR also said the firm may engage in discussions with the board and the company’s management that may include a merger or reorganization of the business.

KKR stakes claim

Marvell, which sells chips to flash drive and mobile and wireless device makers, in November forecast fourth-quarter revenue above analysts’ estimates. About 47 percent of Marvell’s revenue last year came from storage customers such as Western Digital Corp and Seagate Technology, for whom it makes chips used for reading and writing data on hard-disk and flash drives.

Reuters

Written by Nishtha Kanal

Intrigued by all things social, Nishtha will invariably tweet about you. When not tweeting or writing about the next viral video, you will hear her proclaiming her love to Metallica, James Hetfield, Opeth, Akerfeldt and all bands that go 'growl'. She also obsesses about ACP Pradyuman and South Park and you will always find her moving around with a book. Her focus is on all the happening stuff in the tech domain, and she won't hesitate to take a shot at some of the oddball devices that make their way to our labs. see more