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ONBullishM&Anews

High materiality9/10

onsemi-Synaptics merger revised to $123 per share with immediate EPS accretion

Oct 1, 2026, 5:03 PM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

All-cash, accretive deal with value certainty tends to lift earnings visibility and may support multiple expansion, assuming regulatory risks remain manageable.

AI summary

What happened, with direct paths to the underlying reporting

onsemi and Synaptics amended their merger to an all-cash deal at $123 per share, valuing Synaptics at about $5.7 billion. The deal is expected to be immediately accretive to ON's non-GAAP EPS, with new revenue synergies and partial insourcing after 18 months. Closing remains subject to Synaptics' shareholder approval and regulatory clearances, targeting mid-2027.

ON to acquire Synaptics for $123 per share in cash. Value about $5.7B.
Deal immediately accretive to ON's non-GAAP EPS. Additional revenue synergies post-18 months.
All-cash structure; financing via cash on hand and Morgan Stanley debt. Close by mid-2027.
Synaptics board unanimous; FTC approval achieved; other regulators reviewing. Regulatory timing remains the main risk.
Synergies include revenue upside and insourcing after 18 months. Longer-term cash flow improvement.

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