MILPITAS, Calif. — LSI Corporation (NYSE: LSI) today announced that it has completed the sale of its external storage systems business to NetApp, Inc. (NASDAQ: NTAP) for $480 million in cash.

Under the terms of a definitive agreement announced on March 9, 2011, NetApp has purchased substantially all the assets of the LSI external storage systems business, which develops and delivers Engenio® external storage systems products and technology to a wide range of partners that provide storage solutions to end customers.

Proceeds from the sale are expected to fund purchases of the company's common stock under its previously announced $750 million stock repurchase program.

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