Avago to sell LSI’s Axxia Networking Business to Intel for $650m

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Avago Technologies Ltd Avago Technologies Ltd (AVGO.O) said it agreed sell LSI’ Axxia Networking chipmaker Intel Corp (INTC.O) for $650 in cash.

The Axxia mainly includes networking and for wireless networks and enterprise gateways.

Avago bought LSI in December last year for $6.6 , and has been divesting units as it seeks counter volatility in its main wireless and focus the fast-growing storage chip market.[eap_ad_2]

The company, which designs and develops analog semiconductors and was once part of Hewlett-Packard Co (HPQ.N), said in May it would sell LSI’ flash storage business hard drive maker Seagate Plc (STX.O) for $450 in cash.

The said the deal is expected to close in the fourth calendar quarter of 2014. (Reuters)[eap_ad_3]