Avago Agrees to Sell LSI's Axxia Networking Business and Related Assets to
Intel for $650 Million
SAN JOSE, Calif., SINGAPORE and SANTA CLARA, Calif., Aug. 13, 2014 (GLOBE
NEWSWIRE) -- Avago Technologies Limited and Intel Corporation today announced
the signing of a definitive agreement for Intel to acquire LSI's Axxia
Networking Business and related assets for $650 million in cash.
The transaction, which has been approved by the boards of directors for both
Avago and Intel, is expected to close in the fourth calendar quarter of 2014
upon satisfaction of government approvals and customary closing conditions.
LSI's Axxia Networking Business is being divested from Avago following the
recent completion of Avago's acquisition of LSI. The Axxia Networking Business
generated revenues of $113 million in calendar 2013 and employs approximately
About Avago Technologies
Avago Technologies Limited is a leading designer, developer and global
supplier of a broad range of analog semiconductor devices with a focus on
III-V based products and complex digital and mixed signal CMOS based devices.
Avago's product portfolio is extensive and includes thousands of products in
four primary target markets: enterprise storage, wired infrastructure,
wireless communications and industrial & other. For more information, visit
Avago's website: www.avagotech.com.
Intel (Nasdaq:INTC) is a world leader in computing innovation. The company
designs and builds the essential technologies that serve as the foundation for
the world's computing devices.As a leader in corporate responsibility and
sustainability, Intel also manufactures the world's first
commercially-available "conflict-free" microprocessors. Additional information
about Intel is available at newsroom.intel.com and blogs.intel.com, and about
Intel's conflict-free efforts at conflictfree.intel.com.
Intel and the Intel logo are trademarks of Intel Corporation in the United
States and other countries.*Other names and brands may be claimed as the
property of others.
CONTACT: AVAGO CONTACTS:
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