WASHINGTON (dpa-AFX) - ON Semiconductor Corp. (ON), a semiconductor company, and Synaptics (SYNA), a semiconductor technology company, on Thursday announced an amended merger agreement to acquire Synaptics Inc. (SYNA).
The companies expect the transaction to close by mid-2027.
Under the revised agreement, the company will pay $123 per share in cash.
The transaction values Synaptics at approximately $5.7 billion, down from approximately $7 billion under the previous agreement.
The transaction is expected to be immediately accretive to its non-GAAP earnings per share upon closing.
The revised deal follows an unsolicited competing proposal received by Synaptics from a third party.
The transaction has been approved by the U.S. Federal Trade Commission, while regulators in other jurisdictions are reviewing the deal.
onsemi said the revised agreement includes opportunities for additional revenue synergies and insourcing of part of Synaptics' production, beyond the previously announced $200 million in annual run-rate synergies.
ON Semiconductor closed trading 4.18% higher at $80.08 on the Nasdaq. In the overnight, the stock further traded 5.54% higher at $84.52.
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