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PMC-Sierra, a fabless semiconductor company which specializes in broadband communications and storage chips, said it has entered into a definitive agreement to purchase Adaptec's channel storage business. The channel storage business includes Adaptec's RAID storage product line, global added reseller customer base, board logistics capabilities, and SSD cache performance solutions, PMC-Sierra says.
"The acquisition of Adaptec's channel storage business allows us to accelerate our entry into a new segment of enterprise RAID storage and leverages our leading RAID chip and software development with channel customers," said Greg Lang, PMC-Sierra's president and CEO. "I am excited about this acquisition and the future growth opportunities it presents through the strong strategic fit between our core strengths in enterprise storage and the established channel storage business of Adaptec."
PMC-Sierra said it expects to employ about 90 individuals from Adaptec located in seven different geographic locations, though most are located in California. PMC-Sierra will pay about $34 million in cash for the acquisition and assume certain liabilities related to the business.
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