ON Semiconductor Corp.: Onsemi to Acquire Synaptics

Research evidence excerpt

ON Semiconductor Corp.: Onsemi to Acquire Synaptics

Update

June 26, 2026 02:36 AM GMT

Morgan Stanley & Co. LLCMON Semiconductor Corp. | North America Joseph Moore

Equity Analyst

Onsemi to Acquire Synaptics Joseph.Moore@morganstanley.comNicole Kozhukhov +1 212 761-7516

Research Associate

Nicole.Kozhukhov@morganstanley.com +1 212 761-1636

Key Takeaways Mason Wayne

ON announced an agreement to acquire Synaptics for $7bn in an all-stock deal; Mason.Wayne@morganstanley.com +1 212 761-6012

Ella Tulchinsky

ON expects $200mn in synergies.

Synaptics designs edge AI and connectivity semis for intelligent connected Ella.Tulchinsky@morganstanley.com +1 212 761-2222

Shane Brett

devices; framed as complementing ON's power and sensing portfolio. Equity Analyst

Shane.Brett@morganstanley.com +1 212 761-1022

Both companies reiterated JunQ guidance; we leave our estimates unchanged.

ON Semiconductor Corp. (ON.O, ON US)

What happened: ON announced an agreement to acquire Synaptics (link), a fabless Semiconductors | United States of America

provider of edge AI, wireless connectivity, and human-interface semiconductor Stock Rating ++

solutions. This includes embedded compute, Wi-Fi/Bluetooth connectivity, touch/ Industry View Attractive

Price target ++

display controllers, biometrics, and audio/video/vision processing that supports data Shr price, close (Jun 25, 2026) $118.74

Mkt cap, curr (mm) $46,795

processing at the edge. For each Synaptics share, holders will receive 1.35 shares of

52-Week Range $134.92-44.56

ON stock; ON expects the deal to be accretive to Non-GAAP EPS 18 months post-

close. 85-90% of the $200mn synergies are embedded within opex, with the

balance in COGS.

Strategic rationale: On the transaction call, ON described the deal as an expansion