Qualcomm said it will acquire Netherlands-based NXP Semiconductors for $110 per share — about $38 billion — in cash.

Including debt, the transaction — the biggest-ever semiconductor industry deal — is worth roughly $47 billion, the companies said.

San Diego-based Qualcomm provides chips to smartphone makers and NXP is a major supplier of chips to the automotive industry.

San Diego-based Qualcomm makes most of its profit from wireless patents.

“With innovation and invention at our core, Qualcomm has played a critical role in driving the evolution of the mobile industry,” said Steve Mollenkopf, CEO of Qualcomm.

“The NXP acquisition accelerates our strategy to extend our leading mobile technology into robust new opportunities, where we will be well positioned to lead by delivering integrated semiconductor solutions at scale.

“By joining Qualcomm’s leading SoC capabilities and technology roadmap with NXP’s leading industry sales channels and positions in automotive, security and IoT, we will be even better positioned to empower customers and consumers to realize all the benefits of the intelligently connected world.”

The companies said the combined company is expected to have annual revenues of more than $30 billion, “serviceable addressable markets of $138 billion in 2020 and leadership positions across mobile, automotive, IoT, security, RF and networking.”

NXP chief executive officer Rick Clemmer said: “Jointly we will be able to provide more complete solutions which will allow us to further enhance our leadership positions, and expand the already strong partnerships with our broad customer base, especially in automotive, consumer and industrial IoT and device level security.

“United in a common strategy, the complementary nature of our technologies and the scale of our portfolios will give us the ability to drive an accelerated level of innovation and value for the whole ecosystem.”