DeHeng Law Offices and Dutch law firm Houthoff Buruma have advised a Chinese consortium consisting of JAC Capital and Wise Road Capital on its purchase of the standard products business of Netherlands’ NXP Semiconductors for $2.7 billion.

The deal marks the largest-ever Chinese outbound investment in the semiconductor sector. De Brauw Blackstone Westbroek acted for NXP, while the DeHeng team was led by partner George Cheng.

Faltering demand in computer and phone markets, once semiconductor industry mainstays, have fueled a year-long merger wave as firms look to higher margin areas like automotive electronics for sales growth.

NXP, which grew out of Dutch consumer electronics giant Philips, sold its RF Power business to Jianguang Asset Management last year for $1.8 billion.