Onsemi Revises Synaptics Deal to $123 Cash per Share
On October 2, 2026, Onsemi and Synaptics Incorporated announced an amendment to their merger agreement originally signed on June 25, 2026. The amendment changes the structure from an all‑stock transaction to an all‑cash acquisition, with Onsemi agreeing to pay $123 per Synaptics share.
At $123 per share, the total consideration is approximately $5.7 billion, down from the roughly $7 billion valuation under the original all‑stock deal that used a fixed exchange ratio of 1.350 Onsemi shares for each Synaptics share, representing about a 19 % premium to the volume‑weighted average price of Synaptics over the ten trading days preceding the original agreement.
The market reacted positively; Onsemi shares rose more than 5.7 % in after‑hours trading, while Synaptics shares gained about 12.4 % following the announcement.
Onsemi’s President and CEO Hassane El‑Khoury said the cash transaction delivers higher value to shareholders through a lower total cost and that the company has identified opportunities beyond the previously announced $200 million of annual run‑rate synergies, including additional revenue synergies and the insourcing of Synaptics’ production after the first 18 months post‑close.
Synaptics President and CEO Rahul Patel noted that the amended agreement provides value certainty at a meaningful premium compared with the current market value, and the Synaptics board unanimously approved the amendment as being in the best interests of the company and its shareholders.
Financing will be provided through a combination of Onsemi’s cash on hand and fully committed debt financing from Morgan Stanley; the amendment does not contain a closing condition tied to the financing.
The transaction is expected to close by mid‑2027, subject to approval by Synaptics shareholders, required regulatory approvals, and other customary closing conditions. The United States Federal Trade Commission has already approved the deal, and regulators in other jurisdictions are currently reviewing it.