Texas Instruments to buy Nat Semi for $6.5 billion

SAN FRANCISCO (Reuters) - Texas Instruments Inc <TXN.N> is buying chipmaker National Semiconductor Corp <NSM.N> for roughly $6.5 billion in cash, the companies announced on Monday.

The deal combines two of the leading makers of analog chips which are found in everything from cell phones to industrial equipment.

Under the terms of the deal, which has been unanimously approved by the boards of directors of both companies, TI will pay $25 for each share of National Semi's common stock.

(Reporting by Alexei Oreskovic; Editing by Richard Chang)