Qualcomm will acquire NXP Semiconductor in a deal worth around $47 billion in a cash deal. The two chip-making giants were said to have reached an agreement last week, but today’s announcement from Qualcomm makes it official.

The acquisition will create a combined company with annual revenue north of $30 billion, and give Qualcomm additional expertise in security, identity and automotive processor components, to complement its mobile, IoT and wireless radio business. It’s a smart move by Qualcomm to help it continue to be a key player in the chip industry as connected vehicles with increasing amount of onboard tech, and digital security in general become ares where more attention and investment is focused.

Qualcomm was first reported to be considering an acquisition of Netherlands-based NXP back in late September.

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