Maxim Integrated Products Inc. (Nasdaq: MXIM) is buying Volterra Semiconductor Corp. (Nasdaq: VLTR) in a deal valued at $605 million.

The purchase price works out to $23 per share, for an equity value of $450 million. The total deal value includes Volterra’s $155 million in cash.

Volterra, headquartered in Fremont, Calif., develops semiconductor products for the enterprise, cloud computing, communications and networking sectors.

The deal should allow San Jose, Calif.-based Maxim to improve its position in the communication and enterprise markets. Currently, the buyer focuses on making technology products — sensors, clocks and embedded security systems — for various purposes, including power conversion, regulators, charge pumps and power management integrated circuits.  

In December, Maxim sold off its digital video-processing business to GEO Semiconductor Inc. 

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