Exhibit 99.1
Marvell Technology Group Ltd. Increases Share Repurchase Plan to $1 Billion
Santa Clara, Calif. (October 16, 2018) - Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today announced that its Board of Directors has authorized a $700 million addition to the balance of its existing share repurchase program, increasing the total current repurchase authority to $1 billion.
Marvell’s existing share repurchase program had approximately $307 million of repurchase authority remaining as of October 12, 2018.
Under the program authorized by its Board of Directors, Marvell may repurchase shares in the open-market or through privately negotiated transactions. The extent to which Marvell repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by Marvell’s management team. The repurchase program may be suspended or discontinued at any time.
Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: the amount, timing and execution of Marvell’s stock repurchase program; and other risks detailed in Marvell’s SEC filings from time to time. For other factors that could cause Marvell’s results to
