M&A · Tech · Semiconductors & Related Devices
On Semiconductor Corp to acquire SYNAPTICS Inc
Announced Jun 25, 2026 · Pending Oct 8, 2026
Deal value$7.00BEV $7.00B
Premium22.0%To unaffected price
EV / Adj. EBITDA—6.0x EV / Revenue
ConsiderationAll stock$123.00 per share
Transaction
- Acquirer
- On Semiconductor Corp (ON)
- Target
- SYNAPTICS Inc (SYNA)
- Buyer type
- Strategic
- Offer price per share
- $123.00
- Enterprise value
- $7.00B
- Status
- Pending Oct 8, 2026
Deal protections
- Break fee (target pays)
- $235M · 3.4%
- Reverse fee (buyer pays)
- $320M · 4.6%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley, JPMorgan
Advisors
- To the acquirer
- Not disclosed
- To the target
- Qatalyst
Sector context · Tech
- Comparable deals
- 69 in the prior 24 months
- Premium
- 22.0% vs. 39.5% sector median
- EV / Adj. EBITDA
- Sector median 16.1x
- Break fee
- 3.4% vs. 3.0% sector median
Timeline
- AnnouncedJun 25, 2026
- Proxy filedOct 8, 2026
- Definitive proxyOct 19, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Discounted cash flow$77.00$140.00
Discounted cash flow$74.00$141.00
Discounted cash flow$71.00$135.00
Trading comparables$77.00$161.00
Trading comparables$71.00$148.00
Offer $123.00
Implied value per SYNAPTICS Inc share by analysis, from Qatalyst.