onsemi cuts Synaptics buyout price to $5.7 billion

onsemi and Synaptics announced on October 1, 2026, that they have amended their June 25, 2026 merger agreement. The change follows an unsolicited competing proposal received from a third party.

Under the new terms, onsemi will acquire Synaptics for $123 per share in cash, representing an aggregate value of approximately $5.7 billion. The prior agreement valued the transaction at approximately $7 billion. onsemi stated the revised deal is expected to be immediately accretive to its non-GAAP earnings per share upon closing.

The company identified incremental value beyond the previously disclosed $200 million in annual run-rate synergies. Hassane El-Khoury, President and CEO of onsemi, noted that extra gains from revenue synergies and production insourcing are projected to materialize after the first 18 months post-closing.

The acquisition will be funded using cash on hand and committed debt financing from Morgan Stanley, with no financing condition attached to closing. The United States Federal Trade Commission has approved the transaction, while other regulators continue their reviews. The deal remains subject to approval by Synaptics shareholders and is scheduled to close by mid-2027.