Onsemi to acquire Synaptics in $7B all-stock deal to expand AI chip portfolio

San Jose-based Synaptics has agreed to be acquired by Arizona-based ON Semiconductor Corp. in a $7 billion all-stock deal.

BY GARY J. BOULANGER/SILICON VALLEY BUSINESS JOURNAL

Jun 28, 2026, 5:01 AM Updated: 3:48 pm

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Scottsdale-based ON Semiconductor Corp., which operates as Onsemi, has agreed to acquire San Jose-based Synaptics Inc. in an all-stock deal with an enterprise value of $7 billion, expanding its push into AI-powered devices and intelligent systems.

After the markets closed on June 25, Onsemi released details of the proposed deal, in which Synaptics shareholders will receive 1.35 Onsemi shares for each Synaptics share, a roughly 19% premium to the companies’ average closing prices over the previous 10 trading days.

Synaptics works in the so-called Internet of Things space, developing chips and software used in touchscreens, connectivity products, and AI-enabled edge devices. Its Astra platform includes AI processors, neural processing units and wireless technologies such as Wi-Fi, Bluetooth and GPS. The company was founded in 1986 by Federico Faggin, the inventor of the first commercial microprocessor, and Carver Mead, a pioneering computer scientist and Caltech professor.

The acquisition would combine Onsemi’s power management and sensing technologies with Synaptics’ portfolio of edge AI processors, wireless connectivity products and human-machine interface technology. The companies said the combined business would target growing demand for AI systems that operate in real-world environments such as factories, vehicles, robots and smart devices.

This story is in partnership with Phoenix Business Journal. Click to read the full story.