onsemi (ON) Thursday said it has agreed to buy Synaptics Inc. (SYNA) in an all-stock transaction valued at about $7 billion.
Under the terms of the agreement, Synaptics shareholders will receive 1.35 shares of onsemi common stock for each Synaptics share, representing an approximately 19% premium to the companies' combined 10-day volume-weighted average closing prices. Following the transaction, Synaptics shareholders are expected to own about 12% of the combined company.
The acquisition adds Synaptics' edge AI computing, wireless connectivity and human-machine interface technologies to onsemi's power and sensing portfolio, positioning the combined company to deliver integrated solutions for automotive, industrial, AI data center, robotics and augmented and virtual reality applications. onsemi expects the deal to expand its total addressable market by $30 billion to $243 billion by 2030.
The company expects the transaction to be accretive to non-GAAP earnings per share within 18 months of closing and generate about $200 million in annual synergies, while maintaining gross margins consistent with its long-term financial model.
The transaction, unanimously approved by the boards of both companies, is expected to close in mid-2027, subject to Synaptics shareholder approval, regulatory clearances and customary closing conditions.
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