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(March 10, 2008) Milpitas, CA — LSI Corp. today announced that it has signed a definitive agreement to acquire the assets and IP of the hard disk drive semiconductor (HDD) business of Infineon Technologies AG, including product designs, related software, inventory, and test equipment. Financial terms are not being disclosed.
LSI also will enter into additional agreements with Infineon, including design services, transition services, and supply agreements. The transaction is expected to close within 60 days and is subject to the satisfaction of customary closing conditions and regulatory approvals.
"Through the addition of the Infineon HDD business, LSI has taken another significant step toward becoming the leading worldwide provider of silicon solutions for hard disk drive makers," said Ruediger Stroh, EVP and GM, Storage Peripherals Group, LSI. "We expect the acquisition to immediately accelerate revenue with a top-tier customer, Hitachi Global Storage Technologies, while enhancing our competitive position in the desktop and enterprise space."
LSI expects the acquisition to be neutral to slightly accretive to non-GAAP (Generally Accepted Accounting Principles) earnings per share in 2008. The company expects to provide further details in April when it reports first quarter results.
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