Onsemi switches Synaptics acquisition to $5.7bn all-cash deal
Onsemi has revised its proposed acquisition of Synaptics, moving to an all-cash transaction valued at approximately $5.7bn.
The amended agreement offers Synaptics shareholders $123 per share in cash. It replaces the companies’ original agreement, announced on 25 June 2026, which valued the transaction at approximately $7bn through a combination of cash and onsemi shares.
The companies said the change followed a review of an unsolicited competing proposal received by Synaptics. Its board has unanimously determined that the amended onsemi agreement remains in shareholders’ best interests.
Onsemi expects to fund the acquisition using cash on hand and committed debt financing from Morgan Stanley. Completion is not conditional on onsemi obtaining that financing.
The semiconductor manufacturer continues to forecast $200m in annual run-rate synergies. It has also identified possible additional savings and revenue opportunities through production insourcing and combining the companies’ product portfolios. These are company projections and are expected after the first 18 months following completion.
Synaptics adds embedded processors, wireless connectivity, human-machine interface devices and sensing products to onsemi’s existing power and sensing portfolio. Onsemi has specifically identified AI data centres and connected edge computing as areas where the portfolios could overlap.
The US Federal Trade Commission has approved the transaction, although reviews in other jurisdictions remain under way. Completion is expected by the middle of 2027, subject to Synaptics shareholder approval and the remaining regulatory and customary conditions.
