ON Semiconductor to Acquire Synaptics for $7B to Accelerate Physical AI

ON Semiconductor agreed to acquire Synaptics in a nearly $7 billion all-stock deal, its largest to date, to boost its physical AI capabilities and expand its total addressable market to about $243 billion by 2030. Synaptics shareholders will receive 1.350 ON Semiconductor shares per Synaptics share, and a Synaptics board seat will be added to ON Semiconductor’s board. The deal is expected to close mid-2027 as both companies push to strengthen AI-enabled computing ecosystems; ON Semiconductor’s stock fell about 6% after hours while Synaptics rose about 13%.