Semtech Corporation (NasdaqGS:SMTC) is in advanced talks to buy Sierra Wireless, Inc. (TSX:SW), according to people familiar with the matter. A deal could be announced within days, the people said, asking not to be identified because the matter is private. No final decision has been made and discussions could fall through, the people added.

Sierra Wireless rose 19% to $29.60 at 2:26 p.m. in New York trading on August 1, 2022, giving the company a market value of about $1.2 billion. Semtech fell 6.6% to $58.19 for a market value of about $3.7 billion. Representatives for Semtech and Sierra didn't immediately respond to requests for comment.