Qualcomm Inc. (Nasdaq: QCOM) is preparing to acquire semiconductor company Atheros Communications (Nasdaq: ATHR), for about $45 per share, or $3.5 billion, according to a report in the New York Times.

A deal could be announced as soon as Wednesday, the article said.

Atheros shares surged almost 20 percent in today’s trading, closing at $44, just under the share price envisioned in the merger.

The company’s stock has about doubled since hitting lows in September.

The Times report indicates that should this transaction be consummated, it would represent the largest acquisition ever undertaken by Qualcomm, which is sitting on more than $10-billion in cash.

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