Avago Completes Acquisition Of LSI Corp

(RTTNews) - Avago Technologies Ltd. (AVGO) said Tuesday that it has completed its acquisition of LSI Corp. (LSI) for $11.15 per share in an all-cash deal valued at about $6.6 billion.

The deal was originally announced in December.

Avago believes the acquisition of LSI positions Avago as a leader in the enterprise storage market. The acquisition also expands Avago's product offerings and brings system-level expertise in its wired infrastructure market.

In addition to the anticipated strategic benefits of the acquisition, Avago continues to anticipate achieving annual cost savings at a run rate of $200 million by the end of the fiscal year ending November 1, 2015, the first full fiscal year after closing.

LSI's common stock will cease to be publicly traded on the NASDAQ Stock Market after the close of market Tuesday.