China’s chip design company Goodix Technology Co., Ltd. announced that it will purchase NXP’s Voice and Audio Solutions business (VAS) through cash payment at a transaction price of $165 million.

According to Goodix, the two parties have reached a final agreement on the acquisition. All assets, intellectual property, and European and Asian R&D teams related to NXP’s VAS business will be integrated into Goodix.

NXP’s VAS business provides innovative voice and audio solutions to global smartphone manufacturers. Its products and hardware and software solutions are widely used in mobile and diverse IoT applications. The acquisition will strengthen the innovative application of Goodix in smart products and consolidate the company’s layout in the field of Internet of Things by integrating VAS’s patented technology advantages in voice and audio, as well as research and development capabilities.

“This acquisition is a strategic step for Goodix Technology in the future industry layout.” Zhang Fan, CEO of Goodix Technology, said, “The addition of VAS will broaden the breadth of application of our existing smart terminals and IoT product lines and enhance our research and development capabilities in smart audio applications such as smart wearable devices, provide customers with a richer portfolio of innovative products, and inject new innovative kinetic energy into the company’s strategic development.”