(Corrects company's name to ISSC from ISASC in paragraph 2)
May 22 (Reuters) - Microchip Technology Inc said it would acquire Taiwan's ISSC Technologies Corp, which provides low-powered bluetooth technology for the Internet of Things, in a deal that values the company at about $328.5 million.
The offer of $4.74 per share, or T$143, is at a premium of 16.7 percent to ISSC's Wednesday close of $122.50.
After deducting ISSC's cash balance of $34.2 million, the deal is valued at $294.3 million. (Reporting By Lehar Maan in Bangalore)