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See the best of Reuters photography. See more | Photo caption WTC rises again The new World Trade Center surpasses the Empire State Building as the tallest building in New York. Slideshow Killing Bin Laden The operation that killed the al Qaeda leader. Slideshow Microchip Technology to buy SMSC for $830 million Tweet Share this Email Print Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Media » Wed May 2, 2012 9:18am EDT (Reuters) - Chipmaker Microchip Technology Inc (MCHP.O) will acquire smaller rival Standard Microsystems Corp (SMSC.O) for about $830 million in cash to garner a greater share of the automotive and consumer electronics' chips market. Microchip and SMSC manufacture microcontrollers that are embedded in most consumer electronics devices such as televisions and car dashboards and which control functions and interactivity with the user. "Perhaps the thinking is they might be able to expand their automotive business in a significant way with Standard Micro's product lines, which has become very successful in recent years," Capstone analyst Jeff Schreiner said. SMSC, which has a market value of $588.1 million, clocked about $84.6 million in revenue from sales to automakers in fiscal 2011. The automotive segment was its third largest, but fastest-growing business. Microchip, which has a market value of $6.77 billion, is paying $37 per share for SMSC, or about 41 percent higher than Standard Microsystems close of $26.24 on Tuesday. SMSC shares were up 38 percent at $36.34 in pre-market trade. The deal value is based on Standard Microsystems' outstanding shares of 22.4 million, according to Thomson Reuters data. Microchip said total equity value of the deal would be $939 million, and after accounting for $173 million in cash and investments off SMSC's books, enterprise value would be about $766 million. The deal, if completed, would the largest for Chandler, Arizona-based Microchip. The company failed in a joint bid with ON Semi (ONNN.O) for Atmel Corp (ATML.O) in 2008. The acquisition, which is likely to be completed in the third calendar quarter, is expected to add to adjusted earnings in the first full quarter after the merger. Microchip's shares closed at $35.23 on Tuesday on the Nasdaq. (Reporting by Himank Sharma and Sruthi Ramakrishnan in Bangalore; Editing by Sriraj Kalluvila) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. 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