ON Semiconductor acquires Synaptics for $7 billion in all-stock deal (ON's largest acquisition) to expand AI device and physical AI capabilities

On Semiconductor announced on Thursday that it has agreed to acquire Synaptics in an all-stock transaction valued at approximately $7 billion. The deal represents the company's largest acquisition to date and is intended to expand its market share in AI devices and "physical AI" applications. Under the agreement terms, Synaptics shareholders will receive 1.350 shares of On Semiconductor common stock for each Synaptics share held. The exchange ratio represents a 19% premium over the volume-weighted average closing price of both companies' stocks over the preceding ten trading days.