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LSI buys Infineon's HDD biz

Posted: 12 Mar 2008 ?? ?Print Version ?Bookmark and Share

Keywords:HDD business? semiconductor? intellectual property?

LSI Corp. has signed a definitive agreement to acquire the assets of the HDD semiconductor business of Infineon Technologies AG.

The agreement calls for LSI to purchase the assets and intellectual property of the Infineon HDD business, which includes product designs, related software, inventory and test equipment. LSI also will enter into additional agreements with Infineon, including intellectual property, 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. Financial terms are not being disclosed.

"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," said Ruediger Stroh, executive VP and general manager, storage peripherals Group, LSI.

LSI expects the acquisition to be neutral to slightly accretive to non-GAAP earnings per share in 2008. The company expects to provide further details in April when it reports first quarter results.

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