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LSI Corporation Orleansstr. 4 81669 München, Germany https://www.lsi.com
Contact Ms Elke Haan +49 8142 448950
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LSI Corporation

LSI to Sell External Storage Systems Business to NetApp for $480 Million

Board Authorizes New $750 Million Stock Repurchase Program

(PresseBox) (Milpitas, Calif., )
LSI Corporation (NYSE: LSI) today announced that it has signed a definitive agreement to sell its external storage systems business to NetApp, Inc. (NASDAQ: NTAP) for $480 million in cash. The company also announced today that its board of directors has authorized a new stock repurchase program of up to $750 million.

The company is emerging from a multi-year investment cycle which has significantly increased the opportunities and potential of its core semiconductor business. The strategic decision to divest the external storage systems business was based on the company's expectation that long-term shareholder value can be maximized by becoming a yknl-wrfn osukbojcpmjbz cfnqoio.

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