Analog Devices Is Said to Near $1.5 Billion Deal for Empower

Analog Devices Inc. is in advanced talks to acquire closely held Empower Semiconductor for $1.5 billion in cash, according to people familiar with the matter.

A transaction could be announced as soon as Tuesday, said the people, who asked not to be identified because the information was private.

A final agreement hasn’t been reached and the details could change, or the talks could still end without a deal, the people said.

Representatives for Analog Devices and Empower didn’t immediately respond to requests for comment.

Empower, based in Milpitas, California, makes chips used to regulate voltage, including in data centers. The ...