onsemi Switches Synaptics Deal to All-Cash $5.7B at $123 Per Share

onsemi amended its agreement to acquire Synaptics to an all-cash deal of $123 per share, or about $5.7 billion, replacing the all-stock structure announced on June 25, 2026. The revision followed an unsolicited competing bid from an unidentified third party. The original terms exchanged 1.35 onsemi shares per Synaptics share, valuing the deal near $7 billion when onsemi traded at $118.74; onsemi had fallen to roughly $80 by the time revised terms were struck. onsemi will fund the purchase with cash on hand and a fully committed $2.45 billion senior secured term loan from Morgan Stanley, and the amended agreement drops any financing-related closing condition. CEO Hassane El-Khoury said the all-cash structure lowers total consideration and should be immediately accretive to non-GAAP EPS at closing, citing additional revenue synergies beyond the previously announced $200 million in annual run-rate savings, which are not expected for more than 18 months after closing. Synaptics' board unanimously approved the revised terms, and the requirement to add a Synaptics director to onsemi's board was removed. The FTC has cleared the deal; other regulatory reviews continue. The transaction still needs Synaptics shareholder approval and is expected to close by mid-2027. Synaptics rose 16% to $122.85 after hours; onsemi gained 6.9% to $85.57.