The deal is expected to close in April, pending approval by shareholders of both companies, the Santa Clara, Calif., chipmaker said.
At last check Marvell shares were 1.5% higher at $46.82. Inphi shares were 7% higher at $172.90.
A number of analysts, in reports cited by Bloomberg, see the move as a positive.
Stifel said China’s regulatory clearance is “highly favorable” for Marvell. The investment firm has a buy rating and $62 price target on the shares.
It said the deal would help Marvell “establish itself as a formidable data infrastructure powerhouse.”
Deutsche Bank rates Marvell buy. It said the acquisition was "progressing swiftly” and called the China regulator's OK a “a major milestone” toward closing the deal.
Citi, which has a buy rating and $64 price target on Marvell shares, commented that “China would not approve the deal if the U.S. wasn’t going to.” It called the deal a “transformative growth acquisition.”
Marvell and Inphi, the San Jose, Calif., semiconductor company, agreed on an acquisition in October 2020.
In the $10 billion cash-and-stock deal, Marvell will pay $66 a share cash and 2.323 of its shares for each share of Inphi.
Once the deal closes, Marvell holders will own 83% of the combined company and Inphi holders 17%.