January 23, 2012 / 2:37 PM / in 6 years

Intel to buy QLogic's InfiniBand assets for $125 million

(Reuters) - Chipmaker Intel Corp said it has agreed to buy networking products maker QLogic Corp’s InfiniBand assets for $125 million in cash to strengthen its networking and high-performance computing capabilities.

Intel said the deal is expected to close within the current quarter.

“This acquisition is designed to enhance Intel’s networking portfolio and provide scalable high-performance computing fabric technology,” Intel said in a statement.

Intel said it expects a significant number of InfiniBand employees to join it.

QLogic said it expects the deal’s impact on earnings per share to be neutral.

Shares of Aliso Viejo, California-based QLogic closed at $16.55 on Friday on the Nasdaq.

Shares of Santa Clara, California-based Intel closed at $26.38 on Friday on the Nasdaq.

Reporting by Soham Chatterjee in Bangalore; Editing by Joyjeet Das

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