Electronic component maker Analog Devices announced a deal Tuesday to buy rival Linear Technology for $15 billion.

The combination "brings together two of the strongest business and technology franchises in the ," said Vincent Roche, president and of Analog Devices.

"Our shared focus on engineering excellence and our highly complementary portfolios of industry-leading products will enable us to solve our customers' biggest and most complex challenges at the intersection of the physical and digital worlds."

Analog makes a range of microprocessors, sensors and other components for electronic devices and competes with rivals such as Texas Instruments.

Linear makes components including analog integrated circuits for major companies worldwide.

A joint statement said the tie-up would "create a global high-performance analog industry leader across data converters, power management, amplifiers, interface, and RF (radio frequency) and microwave products" with complementary product portfolios.

The combined enterprise value would be around $30 billion with revenues at $5 billion.