Mergers & Acquisitions ·
ON Semiconductor amends merger to acquire Synaptics for $5.7B in cash after competing bid
ONON Semiconductor Corp
On October 1, 2026, ON Semiconductor Corporation amended its merger agreement to acquire Synaptics Incorporated for $123 per share in cash, reducing the aggregate transaction value from approximately $7 billion to roughly $5.7 billion. The revised all-cash structure was prompted by an unsolicited competing proposal and eliminates previous closing conditions regarding financing effectiveness and Nasdaq listing approval. ON Semiconductor secured a commitment letter from Morgan Stanley for up to $2.45 billion in senior secured term loan facilities to fund the acquisition. Both boards unanimously approved the amended agreement, which is expected to be immediately accretive to non-GAAP earnings per share and close by mid-2027 pending regulatory approvals and Synaptics shareholder consent. ON Semiconductor Corporation manufactures intelligent power and sensing technologies for automotive, industrial, and AI data center markets.