When the chip maker Avago Technologies went public in 2009, it seemed like a modest player in the semiconductor industry with a market value of just $3.5 billion. But the company has long wanted to grow through deal-making, and it took its most ambitious step on Thursday.

With its $37 billion takeover of Broadcom, whose chips are used in iPhones and other consumer devices, Avago will leap to the top ranks of semiconductor makers though still behind Intel and Qualcomm.

The transaction, one of the biggest deals for a chip maker, illustrates the growth-by-acquisition strategy that Avago has followed since spinning out from its former corporate parent. It also highlights the broader wave of consolidation that has swept over the computer chip industry as manufacturers have sought to expand to keep pace with customers like Apple and Amazon.com.

“We believe with this broader portfolio of products under one umbrella and common customer base, we can add a lot more value to be more relevant,” Hock Tan, Avago’s chief executive, told analysts Thursday on a conference call.