Seagate Announces 'Definitive Agreement' To Purchase LSI's Flash Business From Avago

Seagate Technology (NASDAQ: STX) announced Thursday that is has reached a "definitive agreement" with Avago Technologies (NASDAQ: AVGO) to purchase the assets of LSI's Accelerated Solutions Division and Flash Components Division for $450 million.

Seagate CEO, Steve Luczo commented, "Seagate is committed to providing our customers with a complete range of storage solutions, and this acquisition will significantly enhance our flash storage offerings to supplement our existing portfolio.

"This acquisition immediately boosts Seagate's range and depth of flash storage capabilities today, and these teams bring to Seagate the expertise to accelerate our roadmap in this important and growing market."

The deal is expected to close in the third quarter of calendar year 2014.