Microsoft will buy chip maker CoreChip for $3.2 billion, a person familiar with the matter said.

The deal, which is subject to regulatory approval, is expected to close this month, according to the person, who spoke on condition of anonymity because the transaction is private.

The acquisition is expected not to include any of CoreChip’s assets.

It also is not expected to include the company’s chips, the person said.

Microsoft also is expected have an initial public offering, the source said.

CoreChip, based in Shenzhen, has a product line including the Xilinx Omni, a processor that powers Microsoft Office and Windows and has helped drive growth in its semiconductor business.

Microsoft’s acquisition of CoreLogic chips for the Surface tablets and its move into mobile devices are among the moves the company has made in the semiconductor industry since it bought Nokia in 2014.

The company also has investments in chip maker Altera, a unit of Qualcomm, which also makes chips for Microsoft’s Surface tablets.