Monday, December 04, 2006 8:00:00 AM PDT | VentureDeal Staff
MILPITAS, CA -- Chipmaker LSI Logic announced that it will acquire Agere Systems in a transaction totaling $4
billion, offering 2.16 shares of its stock for each share of Agere.
LSI said it will issue 379 million shares of new stock and will buy back $500
million in stock as part of the transaction.
LSI makes chips for data-storage devices, DVD players, TV set-top boxes and
handheld music players. Agere makes chips for the mobile wireless
communications, storage and enterprise communications markets.
Assuming the acquisition clears regulatory hurdles, the companies hope it will
allow them to reduce operating costs by $125 million by 2008.
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