LSI will sell its external storage systems business to storage and data management solutions provider, NetApp, for $480 million in cash. As per the agreement, the LSI RAID adapter business, which develops LSI MegaRAID and 3ware storage controllers and software for direct-attached storage environments, will remain with LSI.
LSI external storage systems employees are expected to join NetApp after the closing of the deal. The board of directors of the company has also approved a new $750 million stock repurchase program.
Click here for the release from PR Newswire.