The potential deal values U.S. chipmaker Cypress Semiconductor Corp at around $10 billion.

As per a report from Bloomberg, German chipmaker Infineon Technologies AG is closing in on a deal to acquire Cypress Semiconductor Corp; the potential deal values the U.S. chipmaker at nearly $10 billion.

The report which cites sources familiar with the matter at hand stated, Infineon will pay between $23-$24 a share for Cypress Semiconductor shares.

This represents a premium of nearly 50% of Cypress Semiconductor’s shares last week, when news of the takeover reached the market.

Neither Infineon nor Cypress Semiconductor were immediately available for comment.