Avago Technologies has agreed to buy Broadcom in a deal that will create a networking chip giant with a wide variety of products, including components for the burgeoning IoT sector.

It has offered $37 billion for Broadcom, including $17 billion in cash and equity valued at approximately $20 billion, it said Thursday. The combined company will offer products for wired and wireless networks.

Both companies’ chips are found in wireline and wireless networks. Avago also makes chips for optical networks, while Broadcom’s are used in connected home and car equipment and the Internet of Things. It recently announced support for Apple’s HomeKit platform, and chipsets for 802.11ac networks.

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