It’s crunch time for another pair of chipmakers. London-based Dialog Semiconductor has agreed to acquire San Jose, California-based Atmel Corp. in a $4.6 billion cash-and-stock deal that comes amid an industrywide consolidation spree.

Davis Polk & Wardwell has taken the lead on the transaction for Dialog, while Jones Day is advising Atmel. German firm Gleiss Lutz and British firm Reynolds Porter Chamberlain are also representing Dialog, with Shearman & Sterling snagging a role for Qatalyst Partners as financial adviser to Atmel, as noted by sibling publication The Recorder. Skadden, Arps, Slate, Meagher & Flom is representing Morgan Stanley on the deal’s financing.

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