The Japanese chipmaker Renesas Electronics Corp has agreed to buy Dialog Semiconductor for 4.9 billion euros ($5.9 billion) in cash – according to Business Insider.

Renesas is one of the world’s biggest auto chip makers. Hidetoshi Shibaba – President and CEO of Renesas said “The transaction we announced today represents our next important step in catapulting Renesas’ growth plan.”

Dialog, which specializes in power-management chips and low-energy Bluetooth products used in fitness trackers and cordless earphones, said the agreed deal represented a “compelling opportunity” for its shareholders. Its board of directors would unanimously recommend the offer.