Sunday, April 1, 2007

LSI Completes Merger With Agere Systems

LSI Logic completed its merger with Agere Systems. The newly merged company will be known as LSI Corporation and will continue to trade under the stock symbol LSI on the New York Stock Exchange.

The two companies had combined revenue of $3.5 billion for the 12 months ended December 31, 2006. The new LSI operates in more than 20 countries, with a workforce of approximately 9,100 employees, including nearly 4,300 engineers. The company owns a substantial patent portfolio consisting of more than 10,000 issued and pending U.S. patents.

  • On 04-Dec-2006, LSI Logic first announced plans to acquire Agere Systems in an all-stock transaction with an equity value of approximately $4.0 billion. Under the deal, LSI and Agere shareholders will own approximately 52% and 48%, respectively, of the combined company.

  • Agere Systems was formerly the Microelectronics Group of Lucent Technologies. Agere was spun-off from Lucent in 2002.

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