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Cypress Semi to buy Broadcom's Internet of Things business

Reuters

(Reuters) - Chipmaker Cypress Semiconductor Corp said it agreed to buy Broadcom Ltd's Internet of Things (IoT) business and related assets for $550 million in cash.

The deal is expected to close in the third calendar quarter and will help Cypress gain share in consumer IoT market, which includes wearable electronics and home automation.

Separately, Cypress said Chief Executive Thurman Rodgers would step down this week.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Maju Samuel)