Analog Devices agreed on Tuesday to acquire the Linear Technology Corporation for $14.8 billion, accelerating the already brisk consolidation within the semiconductor sector.

Analog Devices intends to buy Linear Technology, of Milpitas, Calif., for about $60 a share in cash and stock, according to a statement issued by the companies. Linear Technology’s shareholders would own about 16 percent of the combined company after the deal closes.

“This combination of Linear Technology and Analog Devices has the potential to create a combination where one plus one truly exceeds two,” said Bob Swanson, executive chairman and co-founder of Linear Technology. Both companies provide technology for the industrial, automotive and communications industries.

Analog chips are useful for transmitting information from the physical world, like sound or light, into the digital world of computing. Cars, streetlights and home sensors are just a few of the devices that need them to function.