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Component specialist LSI carved off some more of its business last night, selling off its mobility products division to Infineon for $450 million in cash. (See LSI Sells Mobility Products to Infinineon.)
In addition to the cash transaction, Infineon will make a performance-based payment of up to $50 million to LSI in the first quarter of 2009. LSI has not disclosed the terms of this payment.
Under the terms of the deal, Infineon will purchase LSI's Mobility Products Group (MPG), which designs semiconductors and software for cellphone handsets and solutions for satellite digital audio radio.
When the acquisition closes in the fourth quarter, some 700 LSI employees will move over to Infineon, according to LSI spokeswoman Kristen Hyland.
The deal represents the latest move in LSI CEO Abhi Talwalkar's long-term plan to streamline the vendor's business, narrowing its focus onto storage and networking technologies. (See CEO Talks of 'Refounding' LSI and LSI Announces Board Changes.)
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