Avago Technologies Ltd said it agreed to sell LSI's Axxia Networking Business to chipmaker Intel Corp for $650 million in cash. The Axxia business mainly includes networking and infrastructure products for wireless networks and enterprise gateways.Avago bought LSI in December last year for $6.6 billion, and has been divesting units as it seeks to counter volatility in its main wireless business and focus on the fast-growing storage chip market.The company, which designs and develops analog semiconductors and was once part of Hewlett-Packard Co, said in May it would sell LSI's flash storage business to hard drive maker Seagate Technology Plc for $450 million in cash.The companies said the deal is expected to close in the fourth calendar quarter of 2014.
Seagate Technology plc (Seagate) is the provider of electronic data storage products. Shares of STX traded higher by 1.99% or $1.13/share to $57.93. In the past year, the shares have traded as low as $37.17 and as high as $62.76. On average, 2350550 shares of STX exchange hands on a given day and today's volume is recorded at 1924510.
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