Intel Acquires Avago-LSI's Axxia Networking Business for $650 million

Avago Technologies and Intel today announced that Intel will acquire Singapore-based Avago-LSI's Axxia Networking Business and related assets for $650 million. Avago divested LSI's unit right after it has completed its acquisition of LSI. The transaction which is subjected to goverment regulatory approvals is expected to close in the fourth calendar quarter of 2014. 

Intel is paying cash for Axxia Networking Business, which builds systems-on-a-chip (SOCs) for networking infrastructure. Axxia generated a revenue of $113 million in 2013 and employed around 650 people

The acquisition will be strenghtening Intel's foothold in the much talked about Internet Of Things (IoT), enabling it to cater for the growing demand across various 'connected' devices market.