© Reuters. FILE PHOTO: A Microsoft logo is seen in Los Angeles

(Reuters) – Microsoft Corp (NASDAQ:) said on Monday that it will buy Nuance Communications (NASDAQ:) Inc in a $19.7 billion deal, as it looks to bolster its suite of enterprise applications with the artificial intelligence firm’s advanced speech technology.

Microsoft’s offer price of $56 per share is at a premium of 22.86% to Nuance’s last close of $45.58.

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