Intel has confirmed it will buy chip rival Altera for $16.7bn (£11bn).
Intel will pay $54 a share for Altera as it boosts production of more epxpensive chips made for data centres.
Intel has made the move after a slow down in PC sales, with the company increasingly looking to expand in mobile devices, servers, and the Internet of Things to drive profit.
“Intel’s growth strategy is to expand our core assets into profitable, complementary market segments,” said Brian Krzanich, CEO of Intel.
The deal comes hot on the heels of Avago Technologies buying Broadcom Corp for $37 billion (£24.4bn) last week.
“Given our close partnership, we’ve seen firsthand the many benefits of our relationship with Intel—the world’s largest semiconductor company and a proven technology leader, and look forward to the many opportunities we will have together,” said John Daane, CEO of Altera.
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