Chipmaker Intel said today it will pay $650 million in cash to acquire the Axxia networking chip business from Avago Technologies. The business had been part of LSI, which Singapore-based Avago acquired last year in a deal worth $6.6 billion. The business unit generated about $113 million in revenue last year and employs about 650 people. Intel said in a blog post the deal will help it compete in the market to supply chips to networking equipment vendors, which it says is worth $16 billion.
This article originally appeared on Recode.net.