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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Agilent Technologies | NYSE:A | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.93 | 1.40% | 139.45 | 140.95 | 138.41 | 139.69 | 1,097,924 | 01:00:00 |
By Lauren Pollock
Singapore-based chip maker Avago Technologies Ltd. agreed to acquire networking company Emulex Corp. for about $606 million, an acquisition it said would fit well with its enterprise storage portfolio.
Emulex investors will receive $8 a share in cash, a 26% premium to Wednesday's close. Shares surged to $7.92 after hours and last traded above the offer price in fall 2013.
Avago shares rose nearly 6% as the company also reported earnings for the most recent quarter that beat Wall Street estimates.
Emulex makes network connectivity, monitoring and management software and hardware. It found itself in 2013 in the cross hairs of activist investor Starboard Value LP, which expressed disappointment in its financial results and called for action to lift the company's lagging stock.
Emulex later slashed its workforce, disclosed a series of cost-cutting plans and closed an engineering facility. Starboard is no longer a major shareholder.
Its quarterly results last month were less weak than the networking company projected in October.
For its part, Avago was founded in 2005 from a $2.66 billion buyout of semiconductor operations from Agilent Technologies Inc., which were originally part of Hewlett-Packard Co. Silver Lake and KKR Co. led that transaction.
Though based in Singapore, Avago has substantial operations in Silicon Valley. Leaning on H-P research that started in the 1960s, the company built businesses in optical components as well as analog chips made using materials such as gallium arsenide. Avago's products based on that material are widely used for radio components in smartphones.
Avago, which makes chips for products ranging from cellphones to computer servers, said the deal is expected to immediately add to its earnings.
Avago bulked up last year with its acquisition of semiconductor company LSI Corp., which specializes in chips used in networking and data-storage hardware that use disk drives or flash memory chips.
For the quarter ended Feb. 1, the company posted earnings of $351 million, up sharply from $134 million a year earlier, helped by higher revenue.
Write to Lauren Pollock at lauren.pollock@wsj.com
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