Avago Technologies and LSI Corp. announced that Avago has completed its acquisition of LSI Corp. for $11.15 per share in an all-cash transaction valued at approximately $6.6 billion. The acquisition creates a highly diversified semiconductor market leader with approximately $5 billion in projected annual revenues.

Avago believes the acquisition of LSI positions Avago as a leader in the enterprise storage market. The acquisition also expands Avago's product offerings and brings system-level expertise in its wired infrastructure market. With increased scale and a diversified product portfolio across multiple, attractive end markets, the combined company is strongly positioned to capitalize on the growing opportunities created by the rapid growth in data center IP and mobile data traffic.

In additional to the anticipated strategic benefits of the acquisition, Avago continues to anticipate achieving annual cost savings at a run rate of $200 million by the end of the fiscal year ending November 1, 2015, the first full fiscal year after closing. Avago's management will discuss business outlook and provide guidance for the combined company during its second quarter earnings conference call on Thursday, May 29, 2014. Avago will include LSI Corp.'s contribution to financial performance in the company's third quarter earnings announcement.

In connection with the closing of the acquisition, LSI's common stock has ceased to be publicly traded on the NASDAQ Stock Market.