Marvell rises on custom chip deal granting Google $12.2 billion stock warrant
MRVL•Warrant terms and market reaction
Under the deal, the warrant gives Google (GOOGL.O) the right to purchase up to 58.97 million shares of Marvell common stock at an exercise price of $206.58 per share.
Shares of bigger chip rival Broadcom (AVGO.O) fell 4.6% to $362.61 before the bell. Google shares were down 0.5% at $342.50 in premarket trading.
Marvell shares rise after Google chip deal
Shares of chip firm Marvell Technology (MRVL.O) rose 11.9% to $241.88 in premarket trading after the company said it granted Google a warrant to buy a stake worth about $12.18 billion as part of a deal to help develop custom chips for the search giant.
As of the last close, Marvell had more than doubled this year.
