Acquisition strengthens PMC-Sierra's position in the storage semiconductor market Chip developer PMC-Sierra plans to buy the storage semiconductor business formerly owned by Agilent Technologies for approximately $425 million in cash, the company said in a Sunday statement.PMC-Sierra has signed an agreement for the storage chip business with the two companies Agilent agreed to sell its entire chip operations to in August, Kohlberg Kravis Roberts & Co. (KKR) and Silver Lake Partners.In August, the two investment companies said they would pay $2.66 billion for the Agilent business, which boasts far more than just storage semiconductors. Agilent’s chip operations also included chips for a range of products, such as mobile phones, networking equipment, computers, printers, and more. The acquisition has not yet been finalized.PMC-Sierra said the acquisition significantly strengthens its position in the storage semiconductor market. Technology Industry