PMC-Sierra buys Adaptec unit for about $34 million

Communications and storage chip maker PMC-Sierra Inc. said Monday that it purchased Adaptec Inc.'s channel storage division for about $34 million in cash.

PMC-Sierra said the deal will strengthen its existing enterprise storage business by allowing faster access to channel customers.

PMC-Sierra expects to hire about 90 Adaptec workers.

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The acquisition is expected to close in about 30 days.

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Last month PMC-Sierra reported that it moved to a first-quarter profit as revenue rose sharply amid improving demand.

Shares of PMC-Sierra added 18 cents, or 2.2 percent, to $8.19 in afternoon trading, while Adaptec's stock gained 12 cents, or 4.1 percent, to $3.06.