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Shares of Marvell Technology Group (MRVL) gained on Wednesday after a subsidiary of NXP Semiconductors  (NXPI) announced that it has agreed to purchase the company's Wi-Fi and Bluetooth assets for $1.76 billion in cash.

Marvell shares rose 1.17% at $21.60 on the Nasdaq Stock Market. Shares of NXP, meanwhile, were down 2.1% at $87.72.

The deal is expected to close in the first quarter of 2020. Eindhoven, Netherlands-based NXP said it expects the assets, which generated about $300 million in revenue in Marvell's latest fiscal year, to double their associated revenue by 2022. 

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The acquisition is expected to be accretive to NXP'ss non-GAAP operating profit in the first full quarter after the transaction closes. 

Separately, analysts at JPMorgan reiterated their overweight rating on Marvell's stock.