NEW YORK (TheStreet) -- Hewlett-Packard (HPQ) - Get HP Inc. Report isn't the only tech company making deals Monday. NXP Semiconductors (NXPI) - Get NXP Semiconductors NV Report said it's buyingFreescale Semiconductor undefined 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.
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
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.