by Karl Utermohlen | December 16, 2013 2:15 pm
LSI (LSI) is about to be sold to Avago Technologies (AVGO) for a whopping $6.6 billion in cash.
The LSI stock price has skyrocketed since the announcement with shares up 38.69% as of early Monday afternoon. Avago is financing the deal with help from Silver Lake (SVLFK), which used to own the semiconductor company and has a seat on the company’s board despite selling the last of its holdings in 2012.
LSI — which develops storage and network semiconductors — will help Avago grow financially with analysts projecting $200 million in annual cost savings beginning in the first full year after closing.
Avago will pay $11.15 a share for LSI stock. That is slightly higher than the current $10.97 LSI stock price. The semiconductor company has several high-profile clients including Samsung (SSNLF) Cisco (CSCO) and Hewlett-Packard (HPQ).
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