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MILPITAS, Calif. -- LSI Corporation (NYSE: LSI - News) announced today that it has signed a definitive agreement to sell its mobility products business to Infineon Technologies AG (NYSE: IFX; FSE) for $450 million in cash, plus a performance-based payment of up to $50 million payable in the first quarter of 2009.
The sale is the result of a strategic review within LSI of its business portfolio following its merger with Agere Systems on April 2, 2007. LSI expects to benefit from the sale by realigning its resources to pursue growth opportunities for its storage systems and storage and networking semiconductor businesses.
"Since closing our merger with Agere, we have taken significant steps to drive shareholder value, including accelerating cost reductions, selling our consumer business, transitioning to a global contract manufacturing model, and completing a $500 million stock buyback," said Abhi Talwalkar, LSI president and chief executive officer. "The sale of our mobility business will allow us to further focus our efforts on attractive market opportunities in storage and networking, where we have a strong presence, significant differentiation and the scale needed to be successful over the long term."
LSI Corp.
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