Looking to diversify, Applied Micro Circuits Corp. (AMCC) (Nasdaq: AMCC) is heading into storage networking, having announced plans to acquire HBA (host bus adapter) vendor JNI Corp. (Nasdaq: JNIC) (see AMCC to Buy JNI for $190M).
The deal, announced just after the U.S. stock markets closed today, would have AMCC paying $7 per common share of JNI, or roughly $190 million. JNI closed trading at $5.79 today.
The companies expect to conclude the deal by the end of the year.
The acquisition continues the consolidation in the storage networking sector, which has seen a flurry of M&A activity recently (see CNT Digests Inrange, McData Sweeps Up Nishan, Sanera, Ciena Plunks Down $45M for Akara, and LightSand Buys SANcastle).
JNI, which sells Fibre Channel HBAs primarily for the Sun Solaris market, was the subject of acquisition rumors in July. Emulex Corp. (NYSE: ELX) -- which along with QLogic Corp. (Nasdaq: QLGC) leads the HBA market -- was said to be interested (see JNI Soars on Emulex Rumor).
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