There's more consolidation in the mobile phone market. Dialog Semiconductor is in the process of buying Atmel for $4.6 billion, according to the International Business Times. The deal between the two smartphone chip-makers was announced on Saturday.
Atmel shareholders will be compensated as the deal goes through, receiving $4.65 for every share owned. They will also be given part of a Dialog Semiconductor American Depository Share.
On Friday, shares for Dialog closed at 45.325 euros. Atmel shares closed at $7.27, according to The New York Times.
In a statement released on Saturday, Dialog's chief executive Jalal Bagherli said, "By bringing together our technologies, world-class talent and broad distribution channels, we will create a new, powerful force in the semiconductor space."
Dialog Semiconducter is a big producer of tech for Apple and Samsung, according to CNBC. In a statement, the company also expressed how they hoped this deal would expand and diversify their client base. They want to see their technology grow into new markets and reach new people.
Other deals have been in the works in the tech market recently: Avago Technologies buying Broadcom for $37 billion, and NXP announcing their acquisition of Freescale Semiconductor for $17 billion, according to CNBC.
