On June 25, 2026, onsemi (Nasdaq: ON) and Synaptics (Nasdaq: SYNA) announced a definitive agreement under which onsemi will acquire Synaptics in an all-stock transaction with a total enterprise value of approximately $7 billion. The deal uses a fixed exchange ratio of 1.350 onsemi shares per Synaptics share, an approximately 19 percent premium to the volume-weighted average closing prices of both stocks over the prior 10 trading days.
The strategic logic is physical AI: onsemi frames the combination as positioning it at the intersection of Power, Sense, Connected Compute and Control - what it calls the four pillars that let machines sense, decide, act and adapt in the physical world. Synaptics brings its Astra platform of purpose-built AI processors and NPUs plus a wireless connectivity portfolio spanning Wi-Fi, Bluetooth and GPS, extending onsemi beyond its power and sensing base into edge AI compute for automotive, industrial, robotics and AR/VR applications.
onsemi says the deal expands its total addressable market by $30 billion to $243 billion by 2030, is expected to be accretive to non-GAAP EPS within 18 months of closing, and should deliver about $200 million in annual synergies. The transaction is expected to close in mid-2027, subject to Synaptics stockholder approval and regulatory clearances.
The deal is one of the clearest signals yet that AI-driven consolidation in semiconductors is moving past the data center: acquirers are now paying multibillion-dollar premiums for edge inference silicon and connectivity that put AI into physical devices.