Cray Inc. Agrees To Sell Interconnect Hardware Assets To Intel

Cray Inc. announced that it signed a definitive agreement to sell its interconnect hardware development program and related intellectual property to Intel Corporation for $140 million in cash. Highlights of the agreement include, Cray will continue to develop, sell and support current product lines, as well as the Company's supercomputer code-named 'Cascade', Cray has opportunities to leverage important differentiating features of certain future Intel products, Up to 74 Cray employees will join Intel, The transaction is expected to close relatively quickly, but in any event before the end of the current quarter, subject to customary, closing conditions.