SUNNYVALE, Calif. (AP) -- Communications chip maker Applied Micro Circuits Corp. said Monday it sold its 3ware storage adapter solutions business to semiconductor company LSI Corp. for about $20 million in cash.
Applied Micro Circuits said the deal will allow it to focus on its "core strengths," while LSI said the acquisition will give it the ability to offer more storage solutions.
LSI added that the deal is expected to be neutral to its adjusted earnings per share in 2009.
The deal is expected to close in three to four weeks to close. LSI said once it closes, the business will be integrated into LSI Engenio Storage Group.