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Avago Acquires LSI for $6.6B

BOEBLINGEN, Germany, May 19, 2014 — Avago Technologies Ltd. has completed its acquisition of LSI Corp. of San Jose, Calif., for $11.15 per share in an all-cash transaction valued at approximately $6.6 billion.

Both companies develop semiconductors. Avago said the acquisition positions it for growth in the data center IP and mobile data traffic markets.

Avago's management will discuss its business outlook during its second-quarter earnings conference call May 29. The company projects roughly $5 billion in annual revenues.

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