ON Semiconductor Acquires Synaptics for $7 Billion, Compensates Directors with Stock

On June 25, 2026, ON Semiconductor Corp. (NASDAQ: ON) announced it has reached a definitive agreement to acquire Synaptics, a Nasdaq-listed provider of human-machine interface solutions, in an all-stock transaction valued at approximately $7 billion (roughly KRW 10 trillion). Under the terms, Synaptics shareholders will receive 1.35 ON Semiconductor shares for each Synaptics share, representing a premium of about 19 percent to the respective 10-day volume-weighted average prices. ON Semiconductor expects the deal to deliver annual synergies of around $200 million (approximately KRW 300 billion).

Upon closing, Synaptics shareholders will hold roughly 12 percent of the combined company. ON Semiconductor projects non-GAAP earnings per share to improve within 18 months of deal completion. The transaction, targeted to close in mid-2027, remains subject to approval by both companies’ shareholders, customary regulatory clearances across jurisdictions and the appointment of one Synaptics director to ON Semiconductor’s board.

On July 2, 2026, outside director Paul Anthony Mascarenas received 575.90 shares of ON Semiconductor common stock at approximately $116 per share—totaling about $66,800 (around KRW 90 million)—in lieu of a portion of his second-quarter board compensation. Following this grant, his direct equity holdings are estimated at about $6.7 million (approximately KRW 900 million). The award was disclosed as routine director compensation.

In its Q1 2026 earnings reported in May, ON Semiconductor posted revenue of $1.513 billion, exceeding the midpoint of its guidance. Management attributed the outperformance to a recovery in AI data center demand and stronger automotive and industrial semiconductor sales.

In June, the company also unveiled “GaNEXUS,” a gallium nitride (GaN) power semiconductor portfolio designed for AI data centers, industrial automation, robotics and energy infrastructure, further strengthening its next-generation power device lineup.

Headquartered in Arizona, ON Semiconductor is a power- and sensor-centric chipmaker serving automotive, industrial and data center markets. As vehicle electrification and AI data center growth boost the strategic importance of power and analog semiconductors, the industry has seen a wave of large M&A transactions—like ON Semiconductor’s acquisition of Synaptics—to enhance AI compute and connectivity capabilities.