Wireless and wired semiconductor manufacturer Avago Technologies is making a major storage push following news Monday that it plans to acquire LSI for $6.6 billion.
According to Avago CEO Hock Tan, the acquisition will allow his company to address opportunities combining data center and mobile data traffic.
The acquisition "significantly increases Avago's scale and balances our end [market] exposure by adding a market leader in enterprise storage to our growing wireless [business]," Tan said.
Wall Street was pleased with the news. Avago shares rose 9.5 percent Monday while LSI's share price jumped 38.3 percent.