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Avago Technologies to Acquire LSI

SAN JOSE, Calif., and SINGAPORE, Jan. 23, 2014 — Avago Technologies Ltd. has agreed to purchase LSI Corp. for $6.6 billion in cash, a move that will expand its capabilities in wired infrastructure.

Acquisition of the San Jose company will create a diversified semiconductor market leader by adding enterprise storage to Avago’s existing wired infrastructure, wireless and industrial businesses.

“This combination will increase the company’s scale and diversify our revenue and customer base,” said Hock Tan, president and CEO of Avago, which has joint headquarters in San Jose and Singapore. “As we integrate LSI onto the Avago platform, we expect to drive LSI’s operating margins toward Avago’s current levels, creating significant additional value for stockholders.”

Under terms of the agreement, LSI’s stockholders will receive $11.15 per share of LSI common stock at closing, which is expected to occur during the first half of 2014.

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