NEW YORK (AP) -- Semiconductor maker Analog Devices says it agreed to buy Hittite Microwave Corp. for $78 per share in cash in a deal worth about $2.4 billion.
Analog says Hittite's circuit making technology complements Analog Devices and help it expand into industrial, communications infrastructure, and automotive markets.
The price is a 29 percent premium to Hittite's closing price Friday of $60.56.
Analog Devices, based in Norwood, Massachusetts, expects the deal to close in the third quarter and benefit its earnings. The company also reaffirmed guidance for the third quarter of 60 to 64 cents per share. Analysts expect 63 cents per share, according to FactSet.
As of March 31, Chelmsford, Massachusetts-based Hittite had 31.4 million shares outstanding, implying a value of $2.4 billion for the total deal.