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Our Bureau

Bangalore, June 29

The US-based Magnum Semiconductor will acquire the consumer products division of chipmaker LSI Corporation. The transaction is expected to close in the third quarter and is not subject to regulatory approval. Financial terms are not being disclosed. Magnum will offer employment to 100 LSI employees associated with the division.

The decision is the result of an ongoing strategic review within LSI of its business portfolio following its merger with Agere Systems on April 2.“After exploring a full range of strategic options, we have determined that the best opportunity for the long term success of our consumer products business is an external one,” Mr Abhi Talwalkar, President and CEO, LSI Corporation, said in a press release.LSI is a US-based semiconductor firm with operations in Bangalore, Pune and Kolkata. It employs just under a 1,000 in India. LSI Corporation’s restructuring plans include the axing of 900 employees worldwide, according to reports. However, a spokesperson clarified that none of its Indian employees would be given the red slip. The divestment on part of LSI will allow it to focus its investments on its businesses in the storage, networking and mobility market segments.

The transaction will be funded by private equity investment. Magnum is a provider of chips, software and platforms for consumer entertainment systems. Magnum will purchase the LSI DoMiNo, Domino[X] and Zevio architectures, products and related IP of the LSI consumer products business.

Magnum Semiconductor has strengthened its existing DVD, digital TV and digital entertainment centre solutions and added MPEG-2 and H.264 high-definition media processing and low-power 3D graphics products to its portfolio.

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