News Desk |
Cavium, a microprocessor manufacturing company, was acquired by Marvell Technology for a whopping $6 billion. The company was co-founded by Karachi born Raghib Hussain, an alumnus of NED University of Technology.
Cavium manufactures networking processors and the company is planning to use Acorn RISC Machine’s designs to join the server microprocessor market.
Marvell said it will acquire all outstanding shares of Cavium common stock in exchange for consideration of $40 per share in cash and 2.1757 Marvell common shares for each Cavium share. Marvell plans to use $1.75bn in debt financing to fund the transaction.
Cavium stockholders will hold 25 percent of the combined company shares. Marvell Technology will now be able to compete with chip-making giants like Intel.
The story of a Pakistani-born computer engineer who has risen up to be a billionaire is surely inspirational for all young Pakistanis who aspire to greatness.