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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallSeagate agreed to buy two LSI businesses from Avago Technologies for $450 million in cash on May 29, 2014—just 23 days after Avago completed its acquisition of LSI. The sale covered LSI’s Accelerated Solutions Division and Flash Components Division, not all of LSI. Seagate completed the purchase on September 2, 2014.
What Seagate bought
The agreement covered certain assets and liabilities of LSI’s Accelerated Solutions Division (ASD) and Flash Components Division (FCD), which the companies collectively called the “Flash Business.” Seagate described the purchase as adding enterprise PCIe flash and SSD controller capabilities. ASD’s enterprise-grade PCIe flash was presented as serving cloud and hyperscale markets. These were the capabilities Seagate said it sought; the announcement does not establish how successful the acquisition proved to be.
Avago agreed to provide transitional services to Seagate for up to six months. This was a defined business-asset sale, not a second acquisition of LSI as a whole.
How the deals fit together
| Date | Event | Details |
|---|---|---|
| May 6, 2014 | Avago completed its acquisition of LSI | The completion announcement described an all-cash merger at $11.15 per share and approximately $6.6 billion in value. |
| May 29, 2014 | Seagate and Avago announced the Flash Business agreement | Seagate agreed to pay $450 million in cash for the specified ASD and FCD assets. |
| September 2, 2014 | Seagate’s purchase closed | Avago and Seagate filings confirm the transaction’s completion. |
Avago’s later accounting description gives a $6,518 million purchase price for its LSI acquisition. That is Avago’s accounting figure, whereas the May 6 completion announcement described the merger as worth approximately $6.6 billion; the figures come from different presentations of the acquisition.
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Why Seagate said it wanted the business
In its May 29, 2014 announcement, Seagate said: “The acquisition strengthens Seagate’s strategy to deliver a full suite of storage solutions, providing Seagate with established Enterprise PCIe flash and SSD controller capabilities to deliver solutions for the growing flash storage market.” The statement explains the buyer’s stated rationale, rather than independently demonstrating the deal’s results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the $450 million figure means
The $450 million was the cash consideration reported for Seagate’s purchase of the Flash Business. Avago’s 2014 annual filing later confirmed that it sold the business to Seagate for that amount. It was separate from the price Avago paid to acquire LSI.
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