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Analog Devices (NASDAQ:ADI) is reportedly nearing an agreement to acquire privately owned chipmaker Empower Semiconductor in a deal valued at approximately $1.5 billion in cash, according to a Bloomberg News report published Tuesday citing sources familiar with the matter.

The report said an announcement could come as early as Tuesday, although it noted that discussions are still ongoing and there remains a possibility that negotiations could end without a final agreement.

Milpitas, California-based Empower Semiconductor develops power management semiconductors used to regulate voltage across a range of applications, including data center infrastructure.

Analog Devices manufactures chips used in industrial machinery, communications equipment, automotive systems and consumer electronics. The company has benefited from rising demand tied to artificial intelligence infrastructure expansion and increased investment in data centers.

Analog Devices stock price