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Thursday, May 29, 2014
Seagate to Acquire LSI's Flash Businesses

Seagate is trying to enter the PCIe market and strengthen its SSD controller capabilities with the acquisition of LSI's flash business from Avago Technologies.

Seagate and Avago have entered into a definitive asset purchase agreement under which Seagate will acquire the assets of LSI's Accelerated Solutions Division (ASD) and Flash Components Division (FCD) from Avago for $450 million in cash.

The acquisition providing Seagate with Enterprise PCIe flash and SSD controller capabilities to deliver solutions for the growing flash storage market.

LSI?s ASD business, which is the second largest player in the PCIe flash space, offers an enterprise-grade PCIe flash solution focused on the cloud and hyperscale markets. LSI's FCD business, led by its SandForce SF2000 and SF3700 controller products, is driving a multi-product SSD roadmap.

In fiscal 2015, Seagate would expect the combination of its enterprise SSD product line and these SSD Controller families to generate revenues of at least $150 million and be slightly accretive to the company gross margin with operating margin headwind of $30 to $40 million. As Seagate drives operational synergies and leverages its SSD technology into its product portfolio, the company would expect the operating margin contribution from its SSD business to be neutral to positive in fiscal 2016 and beyond.

The transaction is expected to close in the third quarter of calendar year 2014, subject to the satisfaction of customary closing conditions and the receipt of certain regulatory approvals.

Avago Technologies had completed its acquisition of LSI Corporation in an all-cash transaction valued at approximately $6.6 billion earlier this month.

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