Communications chipmaker Broadcom has offered to buy smartphone chip supplier Qualcomm for $70 per share or $103 billion in cash and stock. 

If the deal goes through, it would be the biggest ever technology acquisition. 

A tie-up would combine two of the largest makers of wireless communications chips for mobile phones and raise the stakes for Intel, which has been diversifying into smartphone technology from its stronghold in computers.

Broadcom's offer is at a premium of 27.6% to Qualcomm's closing price of $54.84 on Thursday, a day before media reports of a potential deal pushed up the company's shares. 

Qualcomm shareholders would get $60 in cash and $10 per share in Broadcom shares. Including debt, Broadcom's bid values the transaction at $130 billion. 

Qualcomm is trying to close its $38-billion acquisition of NXP Semiconductors, one of the largest makers of chips for vehicles and expanding into self-driving technology. 

Broadcom said its proposal stands irrespective of Qualcomm's acquisition of NXP goes through or not. 

Analysts believe Broadcom would encourage Qualcomm to complete its NXP acquisition as it has extensive distribution channels, scale and exposure to the fastest growing segments in automotive, where Broadcom is underpenetrated. 

Broadcom said BofA Merrill Lynch, Citi, Deutsche Bank, JP Morgan and Morgan Stanley have advised that they are highly confident that they will be able to arrange the necessary debt financing for the proposed transaction.