PMC-Sierra Completes Acquisition Of Adaptec Unit

SANTA CLARA, Calif. (AP) -- Communications and storage chip maker PMC-Sierra Inc. said Tuesday it has completed its acquisition of Adaptec Inc.'s channel storage division for about $34 million in cash.

PMC-Sierra said the deal will strengthen its existing enterprise storage business by allowing faster access to channel customers. The transaction was announced last month.

Shares in PMC-Sierra closed unchanged at $7.59.

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