Lattice Semiconductor Corp. on Thursday said it agreed to a $1.3 billion buyout offer from Canyon Bridge Capital Partners Inc., a new private-equity firm backed by investors in China.

The deal continues a wave of deal-making in the chip industry, led by Qualcomm Inc.’s $39 billion agreement last week to buy NXP Semiconductors NV. Though much smaller, the Lattice transaction stands out because of the participation of investors from China, where investors have shown a keen interest in U.S. chip technology but potential acquisitions...