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PMC-Sierra buying Adaptec unit

|Includes: ADPT-OLD, PMC - Sierra, Inc. (PMCS)
PMC-Sierra (NASDAQ:PMCS) this morning said it has agreed to buy the Adaptec (NYSE:ADPT) channel storage business, which includes the company’s line of RAID storage products, for $34 million in cash plus the assumption of certain liabilities related o the business. The deal is expected to close within 30 days.
PMCS said it expect to keep about 90 Adaptec employees, most of them in California.

[From Barron's]

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