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

Reuters

(Reuters) - Avago Technologies Ltd (AVGO.O) said it agreed to sell LSI's Axxia Networking Business to chipmaker Intel Corp (INTC.O) 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 (HPQ.N), said in May it would sell LSI's flash storage business to hard drive maker Seagate Technology Plc (STX.O) 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)