Texas Instruments Inc. is buying National Semiconductor Corp. for about $6.5 billion in cash, paying a nearly 80 percent premium for the analog chipmaker.

Texas Instruments said it will finance the deal with existing cash and debt.

The deal combines two of the leading makers of analog chips found in everything from cell phones to industrial equipment and is expected to close in the next six to nine months, the companies said.

“It will improve TI’s position in power management chips — that’s where National has particular strength. I’m very curious to hear what they say on the call on their strategy of combining the two firms,” said Morningstar analyst Brian Colello.

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

Shares of National Semiconductor finished Monday’s regular trading session at $14.07. TI ended 0.3 percent lower, at $34.11.