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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesonsemi and Synaptics have replaced their June all-stock merger agreement with a proposed acquisition at $123 in cash per Synaptics share, for an announced aggregate value of about $5.7 billion. The October 1, 2026 revision followed Synaptics’ receipt of an unsolicited proposal from another party. The bidder and the rival proposal’s terms have not been disclosed in the companies’ releases reviewed.
What changed in the onsemi–Synaptics deal?
The companies amended their June 25, 2026 merger agreement on October 1. Synaptics shareholders would now receive $123 per share in cash, without interest, if the proposed deal closes. The revised transaction is valued at approximately $5.7 billion, compared with the approximately $7 billion announced for the original agreement. Those are announced transaction values under different consideration structures, not a like-for-like comparison of a guaranteed cash payout.
| Term | June 25 agreement | October 1 amended agreement |
|---|---|---|
| Consideration for each Synaptics share | 1.350 shares of onsemi common stock | $123 in cash, without interest |
| Announced aggregate transaction value | Approximately $7 billion | Approximately $5.7 billion |
| Value certainty for Synaptics shareholders | The fixed exchange ratio meant the implied value moved with onsemi’s share price. | The cash amount per share is fixed if the transaction closes. |
The original exchange ratio was fixed, but onsemi’s stock price was not. As a result, the implied value of the stock offer could change between announcement and completion. The amended cash offer instead specifies a set amount per Synaptics share, subject to the transaction closing. Both companies’ boards unanimously approved the amendment. Synaptics’ board said it determined the amended transaction remained in the best interests of the company and its shareholders; that is the board’s judgment, not an independent valuation.
Why did onsemi change the offer?
The companies said Synaptics received an “unsolicited competing proposal” from a third party. onsemi’s October 1 SEC filing refers to the bidder as “Party A,” a label used in onsemi’s August 21 registration statement. The primary disclosures reviewed do not identify the bidder or state the competing proposal’s price, financing, or other terms. They do not establish whether that proposal was higher, lower, or structured as cash or stock.
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- Read Before You Buy — No Video Output: These adapters support charging and USB 2.0 data transfer, but cannot transmit video signals. Except for standard USB webcams (which use USB data only), they are not compatible with HDMI/DisplayPort cables, video-capable USB-C hubs, or docking stations with video output.
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onsemi CEO Hassane El-Khoury said the revised agreement was “a more financially attractive transaction for our shareholders.” Synaptics CEO Rahul Patel described the move to cash as providing “value certainty at a meaningful premium as compared to current value.” These are management characterizations; the companies’ release does not provide a benchmark to calculate Patel’s premium claim.
What are the remaining steps and expected timing?
As reported by the companies on October 1, the proposed acquisition was not complete. Closing was expected by mid-2027, subject to Synaptics shareholder approval, required regulatory approvals, and customary closing conditions. The companies reported that the U.S. Federal Trade Commission had approved the transaction, while reviews by regulators in other jurisdictions were continuing. This is the companies’ reported status on October 1, not a later regulatory update.
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How the deal is to be financed
onsemi said the revised transaction would be funded with cash on hand and committed financing. Its October 1 SEC filing records a Morgan Stanley Senior Funding commitment for up to $2.45 billion in senior secured term loans to fund part of the merger consideration and transaction costs. The filing states that financing is not a condition to onsemi’s obligation to close.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What onsemi says it expects from the acquisition
onsemi’s strategic rationale, first given in June, is that Synaptics’ Edge AI compute, human-machine interface, and wireless connectivity capabilities could complement onsemi’s power and sensing portfolio and extend its connected-compute reach. onsemi estimated that the acquisition could add $30 billion to its total addressable market, bringing it to $243 billion by 2030. Those market figures are onsemi’s estimate, not an independently established market measurement.
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onsemi also says the transaction is expected to be immediately accretive to its non-GAAP earnings per share. Its investor presentation bases that claim on consensus estimates as of September 25, 2026, and assumes a mid-2027 closing. The company says incremental synergies are expected beyond 18 months after closing. These are forward-looking company expectations, not guaranteed outcomes.
Quick Recap
Best Value
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- Powerful Pass-Through Charging: Supports up to 85W pass-through charging so you can power up your laptop while you use the hub. Note: Pass-through charging requires a charger (not included). Note: To achieve full power for iPad, we recommend using a 45W wall charger.
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- What You Get: Anker 332 USB-C Hub (5-in-1), welcome guide, our worry-free 18-month warranty, and friendly customer service.
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Sources
- onsemi and Synaptics joint announcement, October 1, 2026
- June 25, 2026 merger agreement terms
- October 1, 2026 closing status and timing
- onsemi announcement of the original stock transaction, June 25, 2026
- ON Semiconductor Corporation SEC Form 8-K, October 1, 2026
- onsemi investor presentation, October 2026
- onsemi strategic rationale and market estimate, June 25, 2026
- Executive statements in the October 1, 2026 joint release
- onsemi August 21 registration statement reference to Party A
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