Microchip Technology Inc. said Thursday it was buying semiconductor rival Microsemi Corporation for $8.3 billion -- in a deal bringing together two firms in chips for data centers, smart appliances, and aerospace and defense applications.

The boards of both firms approved the deal, worth more than $10 billion including Microsemi's cash and assets.

The transaction is subject to California-based Microsemi shareholder approval and is expected to close in the first half of this year.

"Microchip and Microsemi have a strong tradition of delivering innovative solutions to demanding customers and markets," said Ganesh Moorthy, president of Arizona-based Microchip.

The combined firm could have more than $5 billion in annual revenues and a strong presence in chips and controllers for medical devices, smart home appliances and for military-grade and aerospace hardware.

It comes amid a bruising battle between two other chipmakers, as Singapore-based Broadcom seeks to buy US-based Qualcomm in a hostile bid worth an estimated $117 billion.

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