onsemi modifies Synaptics acquisition to $5.7 billion cash deal

onsemi has modified its agreement to acquire Synaptics Incorporated following a competitive proposal from a third party. Under the revised terms, onsemi will acquire Synaptics for approximately $5.7 billion in cash, at $123 per share. This represents a reduction from the previously announced $7 billion valuation.

According to onsemi CEO Hassane El-Khoury, the revised deal is expected to provide immediate growth in non-GAAP earnings per share and offers value certainty for Synaptics shareholders. The acquisition is intended to strengthen onsemi’s position in AI data centers and human-machine interfaces (HMI).

The transaction is expected to close in mid-2027, subject to Synaptics shareholder approval, regulatory clearances, and other customary conditions. While the deal has received approval from the U.S. Federal Trade Commission, regulatory reviews in other jurisdictions are ongoing.