Analog Devices Inc. is in advanced discussions to acquire Empower Semiconductor for approximately $1.5 billion, according to reports from Bloomberg News.

The potential acquisition would represent a significant expansion for Analog Devices, a Massachusetts-based semiconductor company that designs and manufactures analog, mixed-signal, and digital signal processing circuits. Empower Semiconductor specializes in power management solutions and integrated circuits.

The talks are reportedly nearing completion, though the deal has not yet been finalized. The $1.5 billion valuation would make this a substantial transaction in the semiconductor industry, reflecting continued consolidation in the sector as companies seek to expand their capabilities and market reach.

Neither Analog Devices nor Empower Semiconductor has publicly confirmed the negotiations. The companies have not responded to requests for comment regarding the potential acquisition.

The semiconductor industry has seen increased merger and acquisition activity as companies look to strengthen their positions amid growing demand for chips across various sectors, including automotive, industrial automation, and consumer electronics. Power management semiconductors, Empower's specialty, are particularly sought after as electronic devices become more energy-efficient and battery-powered.