LSI Completes Sale of External Storage Systems Business to NetApp
For $480 million in cash as previously announced
This is a Press Release edited by StorageNewsletter.com on May 9, 2011 at 2:49 pmLSI Corporation has completed the sale of its external storage systems business to NetApp, Inc. for $480 million in cash.
Under the terms of a definitive agreement announced on March 9, 2011, NetApp has purchased substantially all the assets of the LSI external storage systems business, which develops and delivers Engenio external storage systems products and technology to a wide range of partners that provide storage solutions to end customers.
Proceeds from the sale are expected to fund purchases of the company’s common stock under its previously announced $750 million stock repurchase program.
Read also:
LSI to Sell Ingenio External Disk Systems to NetApp
For $480 million in cash (LSI’s press release)
NetApp to Purchase LSI Engenio External Disk Systems
For $480 million in cash (NetApp’s press release)
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