This morning AMD announced it completed its acquisition of Silicon Valley adaptable computing powerhouse, Xilinx. The all-stock transaction is valued at $35 billion, with Xilinx stockholders receiving 1.7234 shares of AMD common stock and cash in lieu of any fractional shares of AMD. Further, the company’s combined TAM (Total Addressable Market) expansion estimates take AMD from an $80 billion TAM to $135 billion, so there’s a lot to be excited about for shareholders.

Of course, AMD’s CEO Dr. Lisa Su is more than bullish as well. “The acquisition of Xilinx brings together a highly complementary set of products, customers and markets combined with differentiated IP and world-class talent to create the industry’s high-performance and adaptive computing leader,” noted Dr. Su. For me, though the deal is accretive to margin, EPS and cash flow out of the gate, it’s the complementary nature of the combined IP and technologies portfolio that makes this deal — the largest in semiconductor history mind you – so well-played.