Mergers & Acquisitions ·
Synaptics switches merger with ON Semiconductor to all-cash deal valued at $5.7 billion
SYNASYNAPTICS Inc
Synaptics Incorporated amended its merger agreement with ON Semiconductor Corporation, switching from an all-stock transaction to an all-cash deal valued at approximately $5.7 billion. Under the revised terms announced on October 1, 2026, Synaptics shareholders will receive $123 per share in cash, down from the previous valuation of approximately $7 billion. The change follows an unsolicited proposal from a third party that was initially deemed superior but subsequently rejected after further negotiations with ON Semiconductor. The transaction is expected to close by mid-2027, subject to shareholder approval and regulatory clearances, including Hart-Scott-Rodino approval already obtained. Synaptics operates in the semiconductor industry, providing intelligent edge processing, wireless connectivity, and sensing solutions for connected devices.