LSI Corporation (NYSE:LSI) announced that it has signed a definitive agreement to sell its external storage systems business to NetApp, Inc. (Nasdaq:NTAP) for $480 million in cash. The company also announced today that its board of directors has authorized a new stock repurchase program of up to $750 million. The company is emerging from a multi-year investment cycle which has significantly increased the opportunities and potential of its core semiconductor business. The strategic decision to divest the external storage systems business was based on the company's expectation that long-term shareholder value can be maximized by becoming a pure-play semiconductor company.
LSI Corporation designs, develops, and markets storage and networking semiconductors and storage systems. Its Semiconductor segment offers integrated circuits for hard disk and tape drive solutions, including systems-on-a-chip, read channels, pre-amplifiers, serial physical interfaces, and hard disk controllers, as well as custom firmware; and magnetic and optical disk drives, and disk and tape-based storage systems.
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