Semiconductor maker Analog Devices said Monday it would acquire rival Maxim Integrated Products for about $21 billion in a move to add automotive and data center solutions to its portfolio.

The all-stock deal would create a chipmaking giant with a combined enterprise value of $68 billion and combined revenue of $8.2 billion.

Wells Fargo analyst Gary Mobley said it would be the largest chip-sector deal in four years. It is also the largest deal of any kind for the year so far.

Analog said Maxim’s strength in the market for chips used in cars and data centers would be “highly complementary” to its strength across the industrial, communications and digital healthcare markets.

“With the increased breadth and depth of our combined technology and talent, we will be able to develop more complete, cutting-edge solutions,” Analog CEO Vincent Roche said in a news release. “Maxim is a respected signal processing and power management franchise with a proven technology portfolio and impressive history of empowering design innovation.”

Roche told Reuters that the companies’ combined engineering teams would be able to design more specialized, higher-margin chips for customers such as automakers.

“If you’re doing commodities, you’re at the mercy of the of the heavy hammer of the procurement folks,” he said. “But our game is about getting there first, getting out on the edge and making a real impact at the application level for our customers.”

The combined company will have more than 50,000 products and 10,000 engineers, serving more than 125,000 customers, with an addressable market of $60 billion, Analog said.

Under the terms of the deal, Maxim stockholders will receive 0.630 of Analog stock for each share they own, giving them a 31% stake in the combined company. Analog shares fell 3.4% to $140.32 in trading Monday while Maxim’s shares rose 11.1% to $72.21.

Maxim, which was founded in 1983, manufactures analog chips that are used in cars, manufacturing, energy, communications, healthcare and connected devices.

“I am excited for this next chapter as we continue to push the boundaries of what’s possible, together with ADI,” Maxim CEO Tunç Doluca said.

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