Avago Tech Agrees To Buy Emulex In $609 Million Deal

Avago Technologies Ltd. said Wednesday it has agreed to acquire Emulex Corp. for $8 a share, in an all-cash deal worth $609 million net of cash and debt acquired. The deal is expected to immediately boost Avago's non-GAAP earnings per share, the chipmaker said in a statement. The transaction is expected to close in the second half of Avago's fiscal year ending Nov. 1. Emulex shares surged 24% in after-hours trade, while Avago shares rose 3.9%.