In the face of increased market turbulence, wireless chip maker Broadcom (BRCM) snatched up NetLogic Microsystems (NETL) in a $3.7 billion transaction that carries an impressive 57% premium.

By scooping up Mountain View, Calif.-based NetLogic, Broadcom is getting a semiconductor company that makes products in the growing 4G wireless market.

Broadcom, which is headquartered in Irvine, Calif., said it will pay $50 a share, representing a 57% premium on NetLogics Friday close of $31.91.

This transaction delivers on all fronts for Broadcom's shareholders -- strategic fit, leading-edge technology and significant financial upside," Broadcom CEO Scott McGregor said in a statement. "With NetLogic Microsystems, Broadcom is acquiring a leading multi-core embedded processor solution, market leading knowledge-based processors, and unique digital front-end technology for wireless base stations that are key enablers for the next generation infrastructure build-out.

Broadcom said it anticipates the deal adding 10 cents a share to its bottom line in 2012 and closing in the first half of next year. Broadcom also reiterated its third-quarter projection for revenue of $1.9 billion to $2 billion.

The NetLogic deal occurs at a time when stocks have tumbled amid serious concerns about the slowing global economy and fears about Europes sovereign debt mess. While the increased market turmoil has led some companies' shares to appear to be cheap, it has also created a new worry for companies on the prowl for an acquisition.  

Shares of NetLogic soared 50% at Mondays open, while Broadcom slumped about 4%.

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