October 27, 2026 / SemiMedia / — onsemi and Synaptics announced on October 1 that they had amended their June 25 merger agreement, switching to an all-cash transaction at $123 per Synaptics share. The revised deal has an aggregate value of approximately $5.7 billion, compared with about $7 billion under the previous agreement. The amendment followed an unsolicited competing proposal from a third party.

onsemi expects the acquisition to immediately increase its non-GAAP earnings per share upon closing. Beyond the previously announced $200 million in annual run-rate synergies, the company identified additional opportunities from revenue synergies and bringing part of Synaptics’ production in-house. Those benefits are expected after the first 18 months following completion.

The company said Synaptics’ human-machine interface and sensing businesses would provide cash flow to support expansion in connected computing and complement its AI data center business. Synaptics’ board unanimously supported the amended agreement, citing the value certainty of the cash consideration.

The acquisition will be funded through cash on hand and committed financing, including fully committed debt financing from Morgan Stanley. The amended agreement contains no financing-related closing condition.

In the announcement, the companies maintained their expectation of closing by mid-2027, subject to Synaptics shareholder approval, remaining regulatory clearances and other customary conditions. They said the U.S. Federal Trade Commission had approved the transaction, while reviews in other jurisdictions were continuing.