Onsemi Synaptics Deal Shifts to Cash ON SYNA
onsemi Synaptics deal revised to an all-cash $123 per share purchase that trims headline valuation and pushes traders toward EPS accretion and liquidity.
KEY TAKEAWAYS
- onsemi will acquire Synaptics for $123 per share in cash, valuing the deal at about $5.7 billion.
- The cash consideration replaces an earlier stock-based pact reportedly valued near $7.0 billion.
- An SEC filing tied to the amendment was accepted Oct. 1, 2026 at 19:11 ET.
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On Oct. 1, 2026, onsemi (ON) and Synaptics (SYNA) announced the onsemi Synaptics deal will convert to an all-cash purchase, a revision the companies said will deliver immediate EPS accretion after reviewing an unsolicited competing proposal.
Revised Deal Terms and Valuation Shift
The companies said onsemi will pay $123 per Synaptics share in cash, valuing the transaction at about $5.7 billion. This replaces an earlier stock-based agreement reportedly valued near $7 billion. The announcement described the change as a straightforward cash purchase rather than equity consideration.
Switching from stock to cash lowers the headline valuation and shifts focus from exchange mechanics to the buyer’s per-share economics, altering how investors interpret the deal’s key metrics.
Rationale and SEC Filing
An SEC filing linked to the transaction was accepted Oct. 1, 2026, at 19:11 ET and filed Oct. 2 under accession No. 0001849820-26-000168. The filing should be treated as the controlling source for the agreement’s provisions once its exhibits and text are reviewed. The companies said the revised merger agreement remains subject to the conditions specified in the agreement and applicable regulatory and shareholder approvals.
