Qualcomm (QCOM) is back on the offensive with a $47 billion bet on Dutch chipmaker NXP Semiconductors (NXPI) . 

On Thursday, the companies jointly announced that Qualcomm has agreed to acquire NXP for about $47 billion, or $110 per share, in cash. Shares of NXP were up 0.5% Thursday afternoon to $99.14 while Qualcomm jumped 4.5% to $71.29.

By clinching the deal for NXP Semiconductors, Qualcomm is ending its break from M&A and sealing the biggest chip transaction in history. 

NXP is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys of sells NXPI? Learn more now.

NXP has been a holding in Action Alerts PLUS since the beginning of this year and the company is the trust's No. 1 ranked stock within its value index. AAP has held a "Buy" (One) rating and $110 price target since initiation.

"We are excited to see the formerly under-the-radar company acquired for $110 in cash, 38% above our cost basis, validating the company's leadership across autos and ability to deliver products which provide the elusive ability to offer connectivity and security," said Jack Mohr, research director for Action Alerts PLUS.

According to data from Dealogic, these are the largest previous M&A deals in semiconductor history:

1. Avago Technologies' (BRCM) purchased its smaller peer Broadcom for $36 billion in May 2015 to emerge as a powerhouse in the communication markets. (The buyer took the target's name post-transaction.)

2. SoftBank (SFTBY) bought ARM Holdings in September 2016 for $32.4 billion in an effort to further boost its presence in the Internet of Things market. SoftBank had earlier identified IoT as a major growth area.

3. Tyco International  (TYC) broke up into three companies in January 2006, with its semiconductor business Tyco Electronics, now TE Connectivity (TEL) , valued at $19.8 billion.

4. In September 2006, Freescale Semiconductor was taken private by a consortium of private equity firms Blackstone, Permira, Carlyle and TPG for $17.6 billion as it continued to struggle as a public company. The transaction took place amidst an LBO boom and was the largest tech buyout at the time.

5. About four years after Freescale went public following its buyout in 2006, Freescale was acquired by NXP for $16.8 billion in March 2015. NXP bought Austin, Texas-based Freescale to gain further scale in the automotive end-market.

6. Intel (INTC) paid $16.7 billion for its smaller peer Altera in June 2015 in an effort to diversify its revenue. Altera gave Intel access to the telecommunications sector.

7. Analog Devices  (ADI) paid $14.8 billion for Linear Technology in July 2016, mainly to get bigger in size and emerge as a powerhouse in the analog industry.

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