Mergers & Acquisitions ·
On Semi agrees to acquire Ferric for $600M cash plus up to $175M in milestones
ONON Semiconductor Corp
On Semiconductor has entered into a definitive agreement to acquire Ferric, Inc., an innovator in integrated voltage regulator (IVR) technology, for $600 million in cash at closing. The transaction includes potential contingent consideration of up to $175 million payable upon the achievement of specified revenue milestones. Funded with existing cash, the deal is expected to close by the end of 2026, subject to customary conditions including HSR antitrust clearance. Onsemi expects the acquisition to be accretive to long-term growth and gross margins at scale, while raising its 2030 AI data center revenue target by $500 million to over $3 billion. The company develops intelligent power and sensing technologies for automotive, industrial, and AI data center markets.