Cavium, Inc. (Nasdaq: CAVM) announced on August 16, 2016, that it had completed its acquisition of QLogic Corp. (Nasdaq: QLGC) in a cash and stock transaction valued at approximately $950 million. The successful completion of an exchange offer for all outstanding shares of QLogic will result in QLogic becoming a wholly owned subsidiary of Cavium. All outstanding shares of QLogic common stock were converted into the right to receive 0.098 shares of Cavium common stock and $11.00 per share in cash.
Syed Ali, President and Chief Executive Officer at Cavium, stated at the initial announcement of the acquisition that “QLogic’s industry-leading products extend our market position in data center, cloud and storage markets, and further diversifies our revenue and customer base. In addition to the compelling strategic benefits, the manufacturing, sales and operating synergies will create significant value for our shareholders.” Qatalyst Group and JP Morgan acted as financial advisers to this deal. Morrison & Foerster and Shearman & Sterling served as legal advisers.