Avago Technologies Limited and Intel Corporation today announced the signing of a definitive agreement for Intel to acquire LSI's Axxia Networking Business and related assets for $650 million in cash. The transaction, which has been approved by the boards of directors for both Avago and Intel, is expected to close in the fourth calendar quarter of 2014 upon satisfaction of government approvals and customary closing conditions.

LSI's Axxia Networking Business is being divested from Avago following the recent completion of Avago's acquisition of LSI. The Axxia Networking Business generated revenues of $113 million in calendar 2013 and employs approximately 650 people.