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Physix Frontier · News Briefing Card (IT Home · Oct 3, 2026)

onsemi switches Synaptics deal to $5.7B all-cash

KEY FACTS

  • onsemi and Synaptics amended the merger agreement announced on June 25.
  • The consideration was changed from $7 billion in stock to about $5.7 billion in cash.
  • The new price is an 18.6% discount to the original terms.
  • onsemi said it received a competing acquisition proposal from a third party.
  • The deal is expected to close in mid-2027 and has been approved by the US Federal Trade Commission.

KEY DATA

$5.7 billionCash consideration
18.6%Consideration discount
$7 billionOriginal stock consideration
about $85onsemi current stock price

PHYSIX OBSERVATION

Switching from stock to cash and shrinking the consideration by nearly 20% shows that onsemi's falling share price has made the original terms unattractive, while a third-party bid has forced it to put real money on the table. For Synaptics shareholders this is a boost in certainty; for onsemi it means rising cash pressure and integration risk, and whether the deal closes on schedule still depends on regulators.

Source: IT Home report