Chipmaker MaxLinear will buy Taiwan-based Silicon Motion Technology for $3.8 billion in a cash-and-stock deal.

The offer price of $114.34 per share is at a 41 percent premium to Silicon Motion’s close on Wednesday, when the deal talks were reported.

Qualcomm rival MediaTek was also interested in buying Silicon Motion, according to media reports.

Silicon Motion, which makes NAND flash controllers, has been working with advisers and holding talks with potential suitors amid takeover interest, Bloomberg News reported in April.

MaxLinear is a leading provider of radio frequency (RF), analog and mixed-signal integrated circuits for broadband, connectivity, and infrastructure markets.

Silicon Motion is a leader in NAND flash controllers for solid state storage devices.

The combination of MaxLinear’s RF, analog/mixed-signal, and processing capabilities with Silicon Motion’s NAND flash controller technology completes a total technology stack which captures end-to-end platform functionality and accelerates the company’s expansion into enterprise, consumer, and many other adjacent growth markets.

Combined revenues are expected to be more than $2 billion. The transaction is expected to generate annual run-rate synergies of at least $100 million to be realized within 18 months.

Kishore Seendripu, Chairman and CEO of MaxLinear, said: “The scale of the organization creates a new significant $2B+ player in the semiconductor industry with compelling positions across a diversified set of end-markets.”