LSI Selling Unit to Magnum Semi

Magnum Semiconductor Inc., a Fremont, Calif.-based supplier of ICs, software and reference platforms for audio and video content, has agreed to acquire the consumer products business of LSI Corp. (NYSE: LSI). No financial terms were disclosed. Magnum recently raised a $27 million Series C round, and has raised a total of $52 million since its 2005 spinout from Cirrus Logic. Shareholders include Investor Growth Capital, WK Technology Fund, KTB Ventures, Gold Hill Capital and return backers August Capital and Investcorp Technology Ventures.