CHANDLER, Ariz. (AP) -- Microchip Technology is buying mixed signal semiconductor maker Supertex for approximately $246 million, helping to expand the chipmaker's presence in the medical, lighting and industrial markets.

Microchip Technology Inc. will pay $33 per share in cash, a 35 percent premium to Supertex Inc.'s Friday closing price of $24.38.

Shares of Supertex jumped $8.60, or 35.3 percent, to $32.98 in morning trading Monday.

Both companies' boards unanimously approved the acquisition. It needs approval from Supertex shareholders. The transaction value excludes about $148 million in cash and investments on Supertex Inc.'s balance sheet, the companies said.

"Supertex's deep domain knowledge in high voltage analog and mixed signal technologies and strong position in the medical, industrial and lighting markets complement many of Microchip initiatives in these areas," Microchip Technology President and CEO Steve Sanghi said in a statement announcing the deal on Monday.

The transaction is expected to close in the second quarter. The acquisition is expected to add to Microchip Technology's adjusted earnings per share in the first full quarter after the transaction closes.

Microchip Technology is based in Chandler, Ariz. Supertex is based in Sunnyvale, Calif.