M&A
confidence high
sentiment positive
materiality 0.75
onsemi to acquire Synaptics for ~$7B in stock; exchange ratio 1.350
ON SEMICONDUCTOR CORP
- Total enterprise value approximately $7 billion; Synaptics holders receive 1.350 onsemi shares per SYNA share.
- Synaptics equityholders to own about 12% of combined company on pro forma basis post-closing.
- Closing expected mid-2027, subject to Synaptics stockholder vote, HSR, antitrust/foreign investment approvals, and other conditions.
- Termination fee of $235M payable by Synaptics under certain circumstances; $320M regulatory termination fee payable by onsemi.
- onsemi targets incremental $30B TAM, reaching $243B by 2030, focusing on Power, Sense, Compute, Control for Physical AI.