Qualcomm, the largest maker of mobile-phone chips, will acquire NXP Semiconductors NV in a transaction valued at $47 billion, aiming to speed an expansion into new industries and reduce its dependence on the smartphone market. Bloomberg reports: San Diego-based Qualcomm agreed to pay $110 a share in cash for NXP, the biggest supplier of chips used in the automotive industry, or 11 percent more than Wednesday's close, the companies said in a statement Thursday. The deal will be funded with cash on hand as well as new debt. Chief Executive Officer Steve Mollenkopf is betting the deal, the largest in the chip industry's history, will accelerate his company's entry into the burgeoning market for electronics in cars. Eindhoven, Netherlands-based NXP is strong in that sector following its acquisition last year of Freescale Semiconductor Ltd. "It's no secret that we've been looking around," Mollenkopf said in an interview. "If you look at our growth strategy it's to grow into adjacent markets at the time that they are being disrupted by the technology of mobile."