Mubasher: The US multinational semiconductor company Analog Devices Inc. is set to buy rival Maxim Integrated Products Inc. for $20.9 billion in stock, Bloomberg reported on Monday.  

Accordingly, shareholders of Analog Devices will own about 69% of Maxim in an all-stock deal, creating a combined company valued at over $68 billion.

Under the deal, Maxim’s shareholders will receive about 0.63 share of Analog Devices for each share of Maxim.

Upon the completion of the deal, two of Maxim's directors will join the board of directors of Analog Devices, including Maxim’s president and CEO, Tunç Doluca.