Micron Buys Avago Tech

Micron Technology(MU Quote) has purchased the image-sensor business of privately held Avago Technologies in a deal worth at least $53 million, the memory maker announced Monday.

Avago's 90-person imaging team will join Micron, which already makes image sensors used in camera phones and other products.

The addition of Avago's expertise will help Micron expand its imaging offerings into automotive, security, consumer electronics and medical applications, the company said.

Micron will also make additional payments to Avago if certain performance goals are met.

In recent after-hours trading, shares of Micron were off a penny to $14.21 after losing 42 cents during the regular session.