ON Semiconductor Amends Synaptics Acquisition to $5.7 Billion Cash Deal

ON Semiconductor Corporation amended its merger agreement on October 1, 2026, to acquire Synaptics Inc. for $123 per share in cash. The revised deal values Synaptics at approximately $5.7 billion, marking a decrease from the original $7 billion all-stock agreement established on June 25.

The renegotiation occurred after an unnamed strategic bidder submitted an unsolicited, non-binding proposal on September 2. To support the new cash structure, onsemi secured a commitment for up to $2.45 billion in senior secured term loan financing from Morgan Stanley Senior Funding, although this financing is not a requirement for the deal to close.

Synaptics CEO Rahul Patel stated that the transition to an all-cash structure provides value certainty at a meaningful premium compared to current value. While the United States Federal Trade Commission has granted antitrust clearance, the transaction still requires regulatory reviews in other countries and approval from Synaptics stockholders. The companies expect the acquisition to close by mid-2027, at which point Synaptics will operate as a wholly owned subsidiary of onsemi.