ON Semiconductor revises Synaptics deal. ON Semiconductor stock is valued at USD 33.0 billion

Published on 10/05/2026 at 13:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The deal value falls to USD 5.7 billion from USD 7.0 billion. ON Semiconductor stock costs EUR 76.05 on October 5, 2026 versus EUR 75.32.

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ON Semiconductor stock was trading at EUR 76.05 at Lang & Schwarz on October 5, 2026, while the company carried a USD 33.0 billion market capitalization as of October 2, 2026. On October 1, 2026, onsemi revised its agreement to acquire Synaptics for USD 123.00 per share in cash, valuing the transaction at USD 5.7 billion versus USD 7.0 billion under the prior agreement.

All-cash terms remove dilution

The amended agreement replaces the earlier all-stock structure and is expected to be immediately accretive to onsemi's non-GAAP earnings per share after closing. The transaction is expected to close by mid-2027, subject to Synaptics shareholder approval, regulatory clearances and other customary conditions, while the United States Federal Trade Commission has already approved it.

The financing structure also changes the risk profile. Morgan Stanley has committed debt financing, and the revised agreement removes financing as a closing condition, but the deal still depends on approvals and execution. The lower USD 5.7 billion consideration gives onsemi a smaller acquisition than the earlier USD 7.0 billion proposal.

Revenue recovery meets margin test

In the second quarter of 2026, onsemi reported USD 1.60 billion of revenue, up 9.20 percent year over year, and adjusted earnings per share of USD 0.74, according to MarketBeat in a September 24, 2026 report. The result exceeded the USD 0.72 consensus estimate, creating a quantified earnings comparison alongside the deal catalyst.

For the third quarter of 2026, management guided to revenue of USD 1.65 billion to USD 1.75 billion and adjusted gross margin of 40.00 percent to 42.00 percent, Trefis reported on September 28, 2026. That range is the next operational test for the recovery because it stands above the 39.30 percent adjusted gross margin reported for the second quarter.

Analyst split keeps valuation in view

MarketBeat said on September 24, 2026, that 15 analysts rated the stock Buy and 15 rated it Hold, with an average price target of USD 94.76. The split shows why the revised deal matters: the transaction removes planned share issuance, but investors still have to judge whether the expected earnings benefit arrives before the mid-2027 closing.

Stock trades below its yearly high

ON Semiconductor stock was trading at EUR 76.05 at Lang & Schwarz on October 5, 2026 at 1:13 p.m. CEST, up 0.97 percent versus the prior close of EUR 75.32 on October 2, 2026. The primary Nasdaq listing's 52-week range was USD 44.56 to USD 134.92 as of October 2, 2026, so the euro quote and the United States dollar range remain separate market references. The further course of trading is shown by the continuously updated real-time quote of ON Semiconductor stock.