(Bloomberg News) -- Intel Corp. agreed to buy Altera Corp. for $16.7 billion to defend its presence in data centers, forging a deal that will add to a record year for industry consolidation.

The world’s largest chipmaker will pay $54 a share in cash for the maker of programmable logic semiconductors, Intel said in a statement Monday. That’s a premium of 11 percent over Altera’s closing share price on Friday and 56 percent from March 26, the day before the possibility of a transaction was first reported.

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