Confirming rumors from earlier this week, chip manufacturer Avago Technologies Ltd. has said it’s entered into a definitive agreement to buy rival firm Broadcom Corp. in a cash-plus-stock deal worth $37 billion.

Once the deal is done, the newly combined businesses will become “Broadcom Ltd.”, marking a continuation of the consolidation being seen in the chip-making industry. Avago Technologies has headquarters in Singapore and San Jose, California, while Broadcom is based in Irvine, California.

The deal somewhat ironically means Emulex Corp. will at last join forces with Broadcom, which the latter company tried to buy back in 2009. Broadcom’s hostile takeover failed, only for Avago to end up buying Emulex earlier this year, which means the companies will finally end up under the same umbrella.

The new Broadcom Ltd. will command a market value of $77 billion, which officials claim make it the world’s largest diversified communications semiconductor company.

Avago is bankrolling the acquisition with $17 billion in cash and $20 billion worth of shares, Reuters reported.

“In Avago, we have found a culture and a management team that embody the best of the philosophies on which Broadcom was founded, together with a fast-paced, no-nonsense, process-driven business culture that we need to take our combined company to the next level,” said Henry Nicholas, a cofounder and ex-CEO of Broadcom. “I am confident that, under the visionary leadership of Hock Tan, the combined company will realise its potential to be the world’s greatest semiconductor company.”

That might be a tall order, considering Intel Corp. boasts a market capitalization of $161.3 billion, more than double that of the new company, but then again, there are few other pretenders to Intel’s throne.

Broadcom’s cofounder, and current chairman and CTO Henry Samueli will assume the role of CTO at the new Broadcom Ltd., and will also join its board. As for Nicholas, he’s landed a strategic advisory role, and will report directly to Hock Tan, who will run the new show as its CEO.

The deal should close by the end of March 2016, subject to regulatory approval.

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