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PMC-Sierra acquires Flash Controller assets from Integrated Device for $100M

PMC-Sierra (PMCS) announced that PMC has entered into a definitive agreement to acquire Integrated Device Technology’s (IDTI) Enterprise Flash Controller Business and certain PCI Express Switch assets for $100M, subject to certain purchase price adjustments. IDT’s Enterprise Flash Controller Business accelerates PMC’s entrance into theenterprise solid-state drive market, the company said, adding it believes that it will be able to improve its time-to-market by approximately two years due to the early product leadership and a robust design win pipeline. The board of directors of PMC and the board of IDT have approved the transaction, which the company said is expected to close in the third quarter of 2013.