NetApp, a NASDAQ-traded company, announced Wednesday it has entered into an agreement to buy part of LSI for $480 million.
NetApp will buy LSI's Engenio external store systems.
"With its singular focus on storage, NetApp is well positioned to enhance the value of the Engenio business and enable new growth opportunities," said Abhi Talwalkar, president and CEO, LSI Corporation.
The purchase is expected to be finalized in 60 days.
Read press release here.