(Reuters) — Microchip Technology Inc said on Thursday it would buy Microsemi Corp, the largest U.S. commercial supplier of military and aerospace semiconductor equipment, for about $8.35 billion. Arizona company Microchip Technology is set to acquire California-based Microsemi Corporation for around $8.35bn in the latest consolidation in the industry. The purchase would enable Microchip to expand its presence in the aerospace and defence sectors, which currently make up around 2% of annual sales, while solidifying Microchip's presence in computing and communications, which were responsible for less than 15% of full-year sales. In a statement, Microsemi's chief executive officer Mark Cooper said: "Microchip’s acquisition of Microprocessor Design will allow us to further accelerate our growth strategy by providing customers with more advanced solutions that Singapore-based Broadcom recently announced a $117bn bid to acquire US rival Qualcomm.
Arizona company Microchip Technology is set to acquire California-based Microsemi Corporation for around $8.35bn in the latest consolidation in the industry. The purchase would enable Microchip to expand its presence in the aerospace and defence sectors, which currently make up around 2% of annual sales, while solidifying Microchip's presence in computing and communications, which were responsible for less than 15% of full-year sales. In a statement, Microsemi's chief executive officer Mark Cooper said: "Microchip’s acquisition of Microprocessor Design will allow us to further accelerate our growth strategy by providing customers with more advanced solutions that Singapore-based Broadcom recently announced a $117bn bid to acquire US rival Qualcomm.