QLogic Completes Ethernet Asset Buy From Broadcom, Chops Staff

Aliso Viejo-based network hardware developer QLogic said late Thursday that it has completed its acquisition of the 10/40/100Gb Ethernet controller assets from Broadcom, as well as cut staff as part of a restructuring effort related to the move. QLogic did not say how many employees were affected by the cuts, which it says is part of a restrcutring plan to consolidate its product roadmap. QLogic said it is consolidating its engineering activities in the move. The company is taking a charge of between $13M and $16M in the restructuring. QLogic said that it paid apparoximately $147M for the assets form Broadcom, plus licensed Fibre Channel technology from Broadcom in a separate, $62M payment. The acquisition deal had been announced in February.