Avago Technologies Limited (AVGO) and Intel Corp. (INTC) 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 deal is expected to close in the fourth calendar quarter of 2014.
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 650 people.
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