Milpitas-based Adaptec is selling its RAID storage business to PMC-Sierra, in a deal worth $34M in cash, the firm announced today. Adaptec said that it will sell to PMC certain assets and liabilities connected to the company's data storage hardware and software business, retaining its Aritos ASIC technology business. The firm said the move comes as part of a plan to "re-deploy" its liquid assets, and unlock its net operating losses for stockholders. The firm said it will have approximately $400M in cash and marketable securities after the sale. The firm said it is still looking to sell its Aristos ASIC technology business, plus its patents and real estate holdings.