ON SEMICONDUCTOR CORP [ON] - ON Semiconductor / Synaptics merger
ON Semiconductor Corporation will acquire Synaptics Incorporated through a merger with its wholly owned subsidiary, Sonic Acquisition Corp., following an unsolicited acquisition proposal from a third party.
Why this matters
ON Semiconductor Corporation, a company specializing in semiconductors and related devices, has announced an amended merger agreement to acquire Synaptics Incorporated. This development follows an unsolicited acquisition proposal from a third party, prompting ON Semiconductor to revise its initial agreement. Under the new terms, ON Semiconductor will acquire Synaptics for $123 per share in cash, valuing the transaction at approximately $5.7 billion. The acquisition is expected to be immediately accretive to ON Semiconductor's non-GAAP earnings per share and aims to enhance the company's strategic direction by integrating Synaptics' human-machine interface and sensing products, which complement ON Semiconductor's growth in the AI data center business.