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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Seagate agreed to buy LSI’s Accelerated Solutions Division and Flash Components Division from Avago for $450 million in cash. The agreement came just 23 days after Avago completed its acquisition of LSI, but Seagate was buying specified flash-business assets and liabilities—not LSI as a whole.
What Seagate bought
The May 29, 2014 agreement covered LSI’s Accelerated Solutions Division (ASD) and Flash Components Division (FCD), which the companies collectively called the Flash Business. Seagate acquired certain assets and liabilities associated with those divisions. Avago agreed to provide transitional services to Seagate for up to six months after the sale.
The deal did not transfer all of LSI to Seagate. Avago remained the company that had acquired LSI, while Seagate purchased the specified Flash Business.
How the deal unfolded
| Date | Event | What it means |
|---|---|---|
| May 6, 2014 | Avago completed its acquisition of LSI. | The merger closed before the Seagate agreement. Avago and LSI’s completion announcement described an all-cash transaction at $11.15 per share and approximately $6.6 billion in value. |
| May 29, 2014 | Avago and Seagate announced a definitive asset purchase agreement. | Seagate agreed to buy LSI’s ASD and FCD assets for $450 million in cash—23 days after Avago’s LSI acquisition closed. |
| September 2, 2014 | The Flash Business sale closed. | Avago and Seagate filings confirm completion of the transaction, roughly three months after the agreement was announced. |
Avago’s filing also describes its LSI acquisition using a $6,518 million purchase-price figure. That is Avago’s accounting presentation; the approximately $6.6 billion figure and $11.15-per-share consideration come from the companies’ merger-completion announcement and describe the transaction in that announcement’s terms.
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Why Seagate said it wanted the business
Seagate presented the purchase as a way to add established enterprise PCIe flash and SSD controller capabilities. Its announcement said ASD’s enterprise-grade PCIe flash was focused on cloud and hyperscale markets. Seagate described the strategic aim this way: “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.”
That statement records Seagate’s rationale when it announced the agreement on May 29, 2014; it is not evidence by itself that the acquisition later achieved those goals.
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Keep the separate transactions distinct
Avago’s filings discuss other portfolio transactions as well, including a separate sale of its Axxia networking business to Intel. That was not part of Seagate’s purchase of LSI’s Flash Business. The Seagate agreement concerned only the specified ASD and FCD assets and liabilities.
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Sources
- Seagate announcement of the May 29, 2014 agreement
- Avago Form 10-Q
- Avago Form 10-K
- Seagate filing confirming the transaction
- Avago and LSI merger-completion announcement
- Contemporaneous Data Center Knowledge coverage
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