PMC-Sierra, a provider of broadband communications and storage semiconductors, announced that it has entered into a definitive agreement with Kohlberg Kravis Roberts & Co. and Silver Lake Partners to acquire the storage semiconductor business of Agilent Technologies for approximately $425 million in cash. The storage semiconductor business is part of Agilent's Semiconductor Products Group, which KKR and Silver Lake Partners are in the process of acquiring.

The storage semiconductor business of Agilent's Semiconductor Products Group (SPG) produces Fibre Channel protocol controllers with its Tachyon product line and is developing next-generation multi-protocol controllers supporting Fibre Channel and SAS/SATA/iSCSI storage systems, as well as other storage-related products.