Home Market Updates Avago to sell Axxia networking business to Intel for $650 million

Avago to sell Axxia networking business to Intel for $650 million

Avago to sell Axxia networking business to Intel for $650 million
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Avago Technologies Limited, a leading designer, developer and global supplier of analog semiconductor devices and Intel Corporation, a world leader in computing innovation have 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 has been approved by the boards of directors for both Avago and Intel and it is expected to close in the fourth quarter of 2014 upon satisfaction of government approvals and customary closing conditions, the companies announced.

LSI’s Axxia Networking business is being divested from Avago after the recent completion of Avago’s acquisition of LSI. The Axxia Networking Business generated revenues of $113 million in calendar 2013 and employs about 650 people, Intel says.

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Kayode Oladeinde Technology Journalist at Technology Times. Mobile: +234 (0) 7031526929

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