Cypress Semiconductor is acquiring Broadcom’s IoT division for $550m in cash, including the WICED brand and the IoT-focused WiFi and Bluetooth assets, as well as the ZigBee and 6LoWPAN tech. The Broadcom IoT division comprises some 430 staff, and generated $189m in the past year – although it’s unclear what its profits were, as Broadcom doesn’t break those out in its quarterly results. The $550m price sounds like it could be a steal for Cypress, depending on those profits – or lack thereof. But the deal indicates that the new Broadcom wants to shed its hand of the low-margin chips that will comprise the bulk of the IoT shipment volume. Cypress Semiconductor is hoping the deal will strengthen its presence…