Intel buys Level One

Intel Corp. and Level One Communications agreed to a stock-for-stock merger deal valued at approximately $2.2 billion.

Intel is buying telecom and networking chip company to bring its "customers advanced networking capabilities by offering increased bandwidth and functionality through silicon integration."

Intel hopes the buyout will help establish its company as a leading component supplier for the rapidly growing Internet and Intranet equipment market segments.

More information on the deal can be found at http://www.level1.com and http://www.intel.com/pressroom .