Microchip Technology Inc. (Nasdaq: MCHP) is set to acquire Supertex Inc. (Nasdaq: SUPX) for about $394 million, or $33 per share, in cash.

The Chandler, Ariz.-based manufacturer, known for developing specialized semiconductor products, says the deal will strengthen many of the company’s initiatives, including high voltage analog and mixed signal technologies. Supertex—whose technology is known to be used in various medical, industrial and lighting products—will be folded into Microchip’s analog business.

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