Broadcom Corp. (Nasdaq: BRCM) continues to expand via acquisition, with NetLogic Microsystems, Inc. (Nasdaq: NETL) its latest purchase. The communications semiconductor giant will offer NetLogic Microsystems shareholders $50 per share; total cost of the deal will be approximately $3.7 billion, net of cash assumed.

The deal is expected to close in the first half of 2012.

NetLogic Microsystems offers a range of knowledge-based processors, multi-core embedded processors, and digital front-end processors.

The transaction has been approved by the boards of directors of both companies. It is subject to customary closing conditions, including the receipt of domestic and foreign regulatory clearances and the approval of NetLogic Microsystems’ stockholders.

Broadcom expects the acquisition to be accretive to earnings per share by approximately $0.10 on a non-GAAP basis in 2012.

“This transaction delivers on all fronts for Broadcom’s shareholders - strategic fit, leading-edge technology, and significant financial upside,” said Scott McGregor, Broadcom’s president and CEO. “Today’s transaction is consistent with Broadcom’s strategic portfolio review process and with our focus on value creation through disciplined capital allocation while delivering best-in-class platforms for customers in the fastest growing segments of the communications industry.”

NetLogic has conducted an acquisition or two of its own, including Aeluros, which made ICs for optical transceiver applications (see “NetLogic Microsystems to acquire Aeluros”).