LSI Logic completes merger with Agere Systems

By Lisa Kerner

Charlotte, N.C., April 2 - LSI Logic Corp. completed its merger with Agere Systems Inc., resulting in a new company known as LSI Corp. that will continue to trade under the stock symbol LSI on the New York Stock Exchange.

Under the definitive merger agreement announced on Dec. 4, Agere shareholders received 2.16 shares of LSI Logic for each share of Agere. The all-stock transaction is valued at $4 billion. Shareholders of both companies approved the merger at separate meetings held on March 29.

"Today's merger marks the creation of a new company that unites two of the leading innovators in silicon-to-systems solutions," LSI Logic president and chief executive officer Abhi Talwalkar said in a company news release.

"In the months since our merger announcement, we have developed detailed integration plans that should enable us to hit the ground running today as a single organization with clear leadership and goals. We have assembled a dynamic organization that blends the unique strengths of each company and we are confident that we can achieve the synergies and growth that we first outlined in December."

LSI Logic is a Milpitas, Calif., silicon-to-systems services provider for digital information.

Allentown, Pa.-based Agere Systems provides semiconductors and software products for storage, mobility and networking markets.

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