onsemi amended its agreement to acquire Synaptics on Oct 1, offering $123 per share in cash, about $5.7bn in total, instead of the 1.350 onsemi shares agreed in June.
Why onsemi is buying Synaptics
onsemi says the cash structure costs less overall and should make the deal immediately accretive to non-GAAP EPS, supporting its push into edge and physical-AI chips.
Deal terms and financing
Morgan Stanley committed a senior secured term loan of up to $2.45bn. The amended terms remove the plan to add a Synaptics director to onsemi's board, and onsemi will withdraw its S-4 since the deal is no longer a tax-free reorganisation.
Regulatory approvals and timing
Closing is targeted for mid-2027, pending a Synaptics shareholder vote and regulatory approvals.
Market context
The revision followed an unsolicited proposal from a third party identified only as Party A in filings.
