Intel Corp. has signed a definitive agreement to acquire LSI’s Axxia networking business from Avago Technologies Ltd. for $650 million in cash, the companies announced Wednesday (Aug. 13).
The deal—already approved by both firms’ board of directors—is expected to close in the fourth quarter, the companies said. The deal remains subject to closing conditions, including regulatory approval, the firms said.
Avago (Singapore) agreed late last year to acquire LSI for about $6.6 billion. Avago said it decided to divest the Axxia business, which had sales of about $113 million last year and employs about 650 people.