Qualcomm Inc. (Nasdaq: QCOM), the largest maker of mobile-phone chips, will acquire NXP Semiconductors NV (Nasdaq: NXPI) in a transaction valued at $47 billion, aiming to speed an expansion into new industries and reduce its dependence on the smartphone market.

San Diego-based Qualcomm agreed to pay $110 a share in cash for NXP, the biggest supplier of chips used in the automotive industry, the companies said in a statement. The deal will be funded with cash on hand as well as new debt.

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