Sixth AP Fund divests Xelerated to Marvell
The Sixth Swedish National Pension Fund (Sixth AP Fund) and the other shareholders have sold their holding in Xelerated to Marvell.
The Sixth AP fund made its initial investment in Xelerated in 2007 and held approximately 80% of the company at the time of its divestment. The Sixth AP Fund invests in unlisted companies, both indirectly through funds and through direct investments together with financial and industrial partners, primarily in Sweden and the rest of the Nordic region.
Sweden-based Xelerated is a leading technology innovator in network processing and programmable Ethernet switching solutions for the design of Carrier Ethernet, Unified Fiber Access, Mobile Backhaul and Transport platforms. The company has approximately 100 employees.
Marvell is a world leader in the development of storage, communications and consumer silicon solutions. Founded in 1995, Marvell Technology Group Ltd. has operations worldwide, approximately 5,700 employees and the company’s share is listed on NASDAQ.
The Sixth AP Fund was advised by Mannheimer Swartling in the transaction. The firm’s team was led by Clas Nyberg, assisted primarily by Emma Olnäs Fors, Bita Pourmotamed, Viktor Nyqvist and Emelie Brorström. Martin Nilsson, assisted by Carl Beyer, advised on tax matters.