On Air Now

Tune in to Listen

99.9 FM Hibbing, MN

Weather

Current Conditions(Hibbing,MN 55746)

More Weather »
42° Feels Like: 37°
Wind: SE 8 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Partly Cloudy 58°

Tonight

Showers Late 44°

Tomorrow

AM Showers 58°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

Avago to sell LSI's Axxia Networking Business to Intel for $650 million

(Reuters) - 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.

(Reporting by Ramkumar Iyer in Bangalore; Editing by Lisa Shumaker)

Comments