NEW YORK (TheStreet) -- Hewlett-Packard (HPQ) - Get Report isn't the only tech company making deals Monday. NXP Semiconductors (NXPI) - Get Report said it's buyingFreescale Semiconductor (FSL) for $11.8 billion in cash and stock. 

Freescale Semiconductor shares have jumped 11% to $40 while NXP's spiked 16% to $99.

NXP Semiconductor's acquisition is an "amazing deal" as the company continues moving into growing markets including vehicle infotainment systems and mobile payment chips, said TheStreet's Jim Cramer said. 

Cramer, co-manager of the Action Alerts PLUS portfolio, said during CNBC's "Stop Trading" segment NXP expects to eventually save $500 million per year in cost savings from the deal. He sees the acquisition being accretive to earnings per share and free-cash flow. 


Freescale Semiconductor FSL and NXP Semiconductor NXPI data by YCharts

Image placeholder title

Meanwhile, Cramer has his eye on another company heaviliy involved in the car infotainment area -- Harman International (HAR) . Cramer pointed out its shares are up some 40% since reporting earnings and raising full-year guidance in January.

Cramer said Harman CEO Dinesh Paliwal has "created a juggernaut" and investors should consider Harman if they are bullish on the auto market. 

-- Written by Bret Kenwell

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.