PMC-Sierra completes acquisition of Adaptec channel storage business

SANTA CLARA, USA: PMC-Sierra Inc. has completed the acquisition of the channel storage business from Adaptec Inc.

The channel storage business includes Adaptec’s RAID storage product line, the Adaptec brand, a well-established global value added reseller customer base, board logistics capabilities, and leading SSD cache performance solutions.

In accordance with the terms of the transaction announced May 10, 2010, PMC-Sierra paid approximately $34 million in cash for the acquisition and assumed certain liabilities related to the business.

PMC-Sierra expects the acquisition will strengthen the Company’s existing enterprise storage business by accelerating access to channel customers. Adaptec is the second largest supplier of x86 RAID products through the channel.

Greg Lang, PMC-Sierra’s president and CEO, said, “With the closing of this acquisition, PMC-Sierra now has an established channel storage business and a highly skilled team to address the needs of this segment of the enterprise RAID storage market.”