Intel could announce the acquisition of rival chip maker Altera for as much as $17 billion on Monday, as it looks to boost revenues and defend a key business.

The move comes amid pressure from investors to increase profit margins in the semiconductor industry, which also the  reason behind the apparent Avago-Broadcom deal.

Altera stockholders will receive around $54 per share, which is around the same the company rejected back in April during previous rounds of talks.

Intel is pushing for consolidation in the semiconductor industry as it searches for new sources of revenue growth by scooping up chip makers that are finding it hard to boost profitability on their own.