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UPDATE 1-NXP to buy Marvell's WiFi, Bluetooth business for $1.76 bln

(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)