Onsemi and Synaptics cut the price of their merger by about $1.3 billion in a revised all-cash deal announced Oct. 1, 2026.
Under the amended agreement, Onsemi will pay $123 per share in cash for Synaptics, valuing the company at about $5.7 billion. The earlier agreement, signed June 25, had valued the transaction at about $7 billion. The new terms reduce the total deal value by roughly 19%.
Onsemi said the revised structure is expected to be immediately accretive to its non-GAAP earnings per share at closing. In the earlier announcement, the company had not said the deal would be immediately accretive. The company also said it has identified additional value beyond the previously announced $200 million in annual run-rate synergies, citing revenue synergies and insourcing of part of Synaptics’ production. Those extra benefits are expected after the first 18 months following close.
Synaptics’ board unanimously approved the amended deal after reviewing it with financial and legal advisers. The company said the all-cash structure gives shareholders value certainty at a meaningful premium to the current value.
The transaction is still expected to close by mid-2027. It will be financed with cash on hand and committed debt financing, and Onsemi said it has fully committed debt financing from Morgan Stanley. Today the company's shares have moved 1.21% to a price of $76.87. For the full picture, make sure to review ON SEMICONDUCTOR CORP's 8-K report.
