ADI: Quick Thoughts on ADI Reportedly in Advanced Talks to Acquire Empower Semiconductor

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ADI: Quick Thoughts on ADI Reportedly in Advanced Talks to Acquire Empower Semiconductor

Equity Research

Flash Comment — May 19, 2026

Semiconductors

Analog Devices, Inc.

Quick Thoughts on ADI Reportedly in Advanced Talks to Overweight

Acquire Empower Semiconductor Price Target: $470.00

Ticker ADI

Our Call Upside/(Downside) to Target 12.3%

Bloomberg is reporting ADI is in advanced talks to acquire Empower Semi for $1.5B. We'll Price (05/18/2026) $418.58

be interested in a potential acq. strengthening ADI's vertical power portfolio & enabling it 52 Week Range $206.00 - 435.72

to become a more meaningful player. Market Cap (MM) $205,797

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

News. Late last night (5/18), Bloomberg reported that Analog Devices is in advanced talks Joe Quatrochi, CFA

to acquire Empower Semiconductor for $1.5B in cash; ADI cash & ST investments at ~ Equity Analyst | Wells Fargo Securities, LLC

Joe.Quatrochi@wellsfargo.com | 314-875-2055

$4B exiting Jan qtr (neither company has commented). The report noted a deal could be

announced as soon as today, but highlighted that a final agreement has yet to be reached Travis Poulin

and could be subject to change or end w/o a deal. As a reminder, ADI will report results Associate Equity Analyst | Wells Fargo Securities, LLC Travis.Poulin@wellsfargo.com | 617-603-4263

BMO tomorrow (5/20).

Quick Highlights on Empower. Privately held Empower was founded in 2014 and has

cumulatively raised ~$240M, including a $140M Series D in September 2025. The

company's integrated voltage regulator technology looks to replace traditional PMIC

solutions by combining a switching voltage regulator with the necessary control and