Story perspectives

ON Semiconductor buys Synaptics for $7 B, adds $30 B market.

6/26/2026

Summary

ON Semiconductor Acquires

U.S. chipmaker ON Semiconductor Corp announced a $7 billion all-stock acquisition of Synaptics Inc.
The deal expands ON Semiconductor’s addressable market by $30 billion to $243 billion by 2030.
Synaptics shareholders will receive 1.350 ON Semiconductor shares per share, a 19% premium to the 10-day VWAP.
ON Semiconductor’s shares fell about 6% while Synaptics shares rose about 13% after the announcement.

Summary

ON Semiconductor Merges

The agreement gives Synaptics shareholders about 12% ownership of the combined company.
The companies project the deal will be accretive to non-GAAP earnings per share within 18 months.
They anticipate annual synergies of approximately $200 million from the integration.
The combined entity will broaden its reach into autonomous driving, robotics and augmented and virtual reality applications.
One Synaptics board member will join ON Semiconductor’s board after the transaction closes.

History

Historical Context

Qualcomm closed its acquisition of NXP in December 2015, echoing earlier consolidation such as the $17.6 billion Freescale buyout in 2006 and NXP’s later merger with Freescale in 2015, and spurring rivals like Intel and Texas Instruments to pursue similar deals to stay competitive in automotive, IoT and autonomous-driving ever-expanding global markets.

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ON Semiconductor Acquires

U.S. chipmaker ON Semiconductor Corp announced a $7 billion all-stock acquisition of Synaptics Inc.
The deal expands ON Semiconductor’s addressable market by $30 billion to $243 billion by 2030.
Synaptics shareholders will receive 1.350 ON Semiconductor shares per share, a 19% premium to the 10-day VWAP.
ON Semiconductor’s shares fell about 6% while Synaptics shares rose about 13% after the announcement.

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