Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
A tour bus carrying Chinese-speaking tourists crashed near a national park in southern Utah, killing at least four people and critically injuring up to 15 others, authorities...U.S. Newsread more
(Adds details from release, background, shares)
May 29 (Reuters) - Chipmaker NXP Semiconductors NV said on Wednesday it will buy Marvell Technology Group Ltd's wireless connectivity business for $1.76 billion in cash.
NXP will sell Marvell's connectivity products such as WiFi and Bluetooth along with its edge computing platforms to its clients in industrial, automotive and communication infrastructure markets.
The unit brought in $300 million in revenue for Marvell in fiscal 2019 and NXP expects that to double by 2022.
The deal, expected to close by the first quarter of 2020, will add to NXP's adjusted operating profit in the quarter after the transaction closes.
Last year, chipmaker Qualcomm Inc walked away from a $44 billion deal to buy NXP after failing to secure Chinese regulatory approval amid a bitter Sino-U.S. trade spat.
Shares of Marvell rose 3.84% at $22.17 before the bell, while those of NXP were down marginally. (Reporting by Sayanti Chakraborty and Supantha Mukherjee in Bengaluru; Editing by Shinjini Ganguli and Saumyadeb Chakrabarty)