Japanese electronics parts maker TDK has agreed to buy InvenSense in a deal that values the smartphone sensor supplier at about $1.3 billion.

In a statement, TDK said it will pay $13 per share "to acquire all of the outstanding InvenSense shares" for cash. The transaction has already been approved by the boards of directors of both companies. The acquisition will be completed through a merger of a newly created subsidiary of TDK with and into InvenSense, with InvenSense continuing following the merger as a wholly-owned subsidiary of TDK, according to TDK.

The deal allows TDK to boost its sensor offerings. California-based InvenSense, whose client list includes Apple and Samsung Electronics, designs gyroscopes that help smartphones calculate motion.

TDK said it plans to combine InvenSense's suite of sensors and software with its own portfolio of magnetic, pressure, temperature and microphone sensors.

InvenSense is the latest company to be swept up by the widespread industry consolidation, as chipmakers attempt to lead in emerging markets like cloud computing and the Internet of Things. In 2015, Intel bolstered its stake in the IoT and data centre markets with the acquisition of Altera. Recently, Qualcomm struck a deal with NXP Semiconductors for $38 billion, while Broadcom merged with Avago for $37 billion.