Marvell Technology Group Ltd. is acquiring Inphi Corp., the San Jose semiconductor manufacturer that got its start in the Conejo Valley.

In the transaction, Marvell, in Santa Clara, will pay $66 in cash in addition to 2.3 shares of the combined company for each share of Inphi, which trades on the Nasdaq. The deal will cost Marvell about $10 billion.


Inphi has major operations in Westlake Village, where the company had been headquartered until about 10 years ago when it relocated to Silicon Valley.


Inphi Chief Executive Ford Tamer said that both companies share a vision to enable the world’s data infrastructure and both have transformed their businesses to take advantage of the growth in the cloud data center and 5G wireless markets.


“Combining with Marvell significantly increases our scale, accelerates our access to the next generations of process technology and opens up new opportunities in 5G connectivity,” Tamer said in a statement.


Upon the deal closing, Tamer will join the Marvell board of directors.


The deal will create a company with an enterprise value of $40 billion, according to the companies. Going forward, current Marvell stockholders will own about 83 percent of the company, with Inphi shareholders owning about 17 percent.


The transaction is expected to close by the second half of calendar 2021, subject to the approval of Marvell and Inphi stockholders and the satisfaction of customary closing conditions, including applicable regulatory approvals, the companies said.