Avago Technologies Ltd. (NASDAQ: AVGO) announced Tuesday that it has completed its acquisition of LSI Corp. (NASDAQ: LSI) for $11.15 per share in an all-cash transaction valued at about $6.6 billion. LSI’s common stock will cease to be publicly traded on the Nasdaq after the closing bell Tuesday, and Avago will replace LSI on the S&P 500 after the close of trading on Wednesday, May 7.

Avago said the deal “creates a highly diversified semiconductor market leader with approximately $5 billion in projected annual revenues.” Singapore-based Avago designs, develops and supplies a range of analog semiconductor devices, and LSI develops and markets high-performance storage and networking semiconductors. The increased scale and diversified product portfolio across multiple, attractive end markets is expected to position the combined company to capitalize on growing opportunities created by the rapid growth in data center IP and mobile data traffic.

Avago management plans to discuss its business outlook and provide guidance for the combined company in its second-quarter earnings conference call on Thursday, May 29. LSI’s contribution to financial performance will be included in the company’s third-quarter earnings announcement.

Avago offers shareholders a dividend yield near 1.7%. The share price overtook the mean price target of $67.74 when it reached a new multiyear high of $68.08 Tuesday morning. Shares were up 5.1% in the early afternoon to $67.52.

Shares of competitor Analog Devices Inc. (NASDAQ: ADI) were down fractionally at $51.16, while shares of Finisar Corp. (NASDAQ: FNSR) were down about 4% Tuesday to $23.65.

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