Business News Brief

NEWS BRIEF // Intel buys Avago’s networking business for $650m

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Avago Technologies Ltd agreed to sell their LSI’s Axxia networking business to Intel corporation .The deal is finalised at a price of  $650m that too in cash.

The deal is expected to close in the fourth quarter of  2014.  The company is also planning to sell its LSI’s flash storage business to Seagate Technology Plc for $450 min cash.

Analysts say that such decisions are being made  to focus on the fast growing storage chip market . Axxia’s business mainly includes networking and infrastructure products for wireless networks and enterprise gateways.

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