ON Semiconductor buys Synaptics in $7 billion all-stock deal, shares react on NASDAQ
26.06.2026 - 10:10:30 | ad-hoc-news.de
By Julia Schmitt, Sector & Peer Group desk. Reviewed prior to publication on 2026-06-26, 10:10.
ON Semiconductor (US6821891035) has agreed to acquire Synaptics in an all-stock transaction that values the target at around $7 billion, according to market reports and company statements. The deal comes as ON trades on NASDAQ after a year-to-date share price gain in the triple-digit percentage range.
What the deal terms show
ON Semiconductor will issue 1.35 shares of its common stock for each Synaptics share, implying a roughly 19 percent premium to the two companies' volume-weighted average prices over the past ten trading days. A MarketWatch report on the acquisition notes that the transaction values Synaptics at about $6.2 billion in equity terms and roughly $7 billion on an enterprise-value basis.
The companies expect the acquisition to be accretive to adjusted earnings per share within about 18 months of closing, helped by an anticipated $200 million in annual synergies and higher gross margins. Bloomberg highlights that one member of the Synaptics board is slated to join ON Semiconductor's board, while the closing is targeted for the middle of next year, subject to regulatory approvals.
Analysts weigh valuation and strategy
The planned acquisition has already triggered rating changes. TD Cowen downgraded ON Semiconductor shares from Buy to Hold and trimmed its price target from $115 to $110, citing added business-model complexity from the Synaptics integration and the sensitivity of ON's earnings to fab utilization. Investing.com’s summary of the TD Cowen downgrade also points to a rich valuation multiple and limited upside at current levels.
According to the same analyst note, ON Semiconductor shares have risen about 119 percent since the start of the year, trading on roughly 83.75 times the firm's 2026 earnings estimate. Citi previously placed ON on its "Upside Catalyst Watch" list and lifted its price target from $100 to $120 on expectations of growing exposure to data-center power solutions, but TD Cowen now argues that the stock is fairly valued after the strong run.
All news and analysis on the ON Semiconductor shares
Further corporate releases, analyst updates and price data on ON Semiconductor are available in the dedicated topic section and via the company’s investor relations pages.
The business behind the stock
ON Semiconductor generates most of its revenue from power semiconductors and analog ICs used in automotive, industrial and data-center applications, with a strong presence in power management and intelligent sensing. The planned Synaptics acquisition adds interface and connectivity solutions for smart devices to ON’s portfolio, broadening its reach into human-machine interaction and consumer electronics.
Where the shares trade today
ON Semiconductor shares (US6821891035) last closed on NASDAQ at $118.74 on 2026-06-25, with extended-hours trading indications around $108 to $109 per share later that evening, according to MarketBeat data. The Nasdaq listing keeps ON in the group of US chip makers watched globally for sector consolidation and valuation trends.
Key data on the ON Semiconductor shares
- Company: ON Semiconductor Corp.
- ISIN: US6821891035
- WKN: 919703
- Ticker: ON
- Trading venue: NASDAQ
- Price (as of 2026-06-25, 16:00): 118.74 USD
- Market cap: roughly 51 billion USD (as of 2026-06-25, based on recent price and shares outstanding)
- Sector / industry: Semiconductors, analog and power management
- Index membership: S&P 500
- Next earnings date: not officially scheduled
Disclaimer: This article is for information purposes only and does not constitute investment advice, a recommendation to buy or sell any financial instrument, or a personal financial consultation. All data are based on sources considered reliable but cannot be guaranteed for completeness or accuracy.
