PALO ALTO, CA -- The sale of Agilent Technologies' semiconductor chip division to a pair of private equity firms is complete. The $2.6 billion acquisition by Kohlberg Kravis Roberts and Silver Lake Partners closed yesterday, creating a new company with some $1.8 billion in revenue this year.

The new company will be known as Avago Technologies and be based in San Jose and Singapore. Avago will have 6,500 employees, including 500 in San Jose. No layoffs are expected.

Dick Chang, who ran Agilent's chip division before the buyout, is the new CEO. He said Avago expects sales to grow about 5% next year.

Avago has also agreed to divest its storage chip business to PMC-Sierra in a deal worth $425 million.

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