'I've Been Dreaming About This,' Nvidia CEO Says After $7B Mellanox Acquisition Deal Finally Closed

What Happened

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content=""Man, I've been dreaming about this," Huang said, as Nvidia announced the completion of the acquisition earlier in the day.” data-reactid=”21″>”Man, I’ve been dreaming about this,” Huang said, as Nvidia announced the completion of the acquisition earlier in the day.

An agreement of acquisition was reached in March last year between the two companies, but regulatory approval delayed the closing.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Mellanox has a significant business in China, including with Alibaba Group Holdings Ltd. (NYSE: BABA) and Baidu Inc. (NYSE: BIDU), and as trade tensions between the United States and China heightened, the latter withheld the approval until April 16, according to CNBC.” data-reactid=”23″>Mellanox has a significant business in China, including with Alibaba Group Holdings Ltd. (NYSE: BABA) and Baidu Inc. (NYSE: BIDU), and as trade tensions between the United States and China heightened, the latter withheld the approval until April 16, according to CNBC.

Huang noted that the merger will improve Huang’s infrastructure footing.

“We’re combining the leaders of AI computing and high speed networking and data processing into one company and, so, this is really quite extraordinary,” he told the CNBC “Mad Money” host Jim Cramer.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Nvidia had beaten Intel Corporation (NASDAQ: INTC) and Microsoft Corporation (NASDAQ: MSFT) in the race to acquire Mellanox back in 2019, as reported by TechCrunch at the time, and the deal’s completion will help the company better compete with its rivals.” data-reactid=”26″>Nvidia had beaten Intel Corporation (NASDAQ: INTC) and Microsoft Corporation (NASDAQ: MSFT) in the race to acquire Mellanox back in 2019, as reported by TechCrunch at the time, and the deal’s completion will help the company better compete with its rivals.

Price Action

Nvidia’s shares closed 2.6% higher at $297.08 on Monday. The shares traded about 0.7% higher at $299.00 in the after-hours session.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Photo Credit:&nbsp;NVIDIA Taiwan via Wikimedia.” data-reactid=”29″>Photo Credit: NVIDIA Taiwan via Wikimedia.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="See more from Benzinga” data-reactid=”30″>See more from Benzinga

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.” data-reactid=”35″>© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.