Monitor regulatory approvals, particularly China (MOFCOM), and Synaptics shareholder vote. SYNA stock should trade at a discount to the implied deal value due to time value and deal risk. Any delays or competing bids could create volatility. The long timeline to mid-2027 means the arbitrage spread will persist.
Price Chart
Executive Summary
Synaptics filed this 425 communication containing the transcript of the joint investor webcast held on June 25, 2026, announcing the definitive agreement for ON Semiconductor (onsemi) to acquire Synaptics in an all-stock transaction valued at approximately $7 billion. Synaptics shareholders will receive 1.35 onsemi shares per Synaptics share, representing an ~19% premium to the 10-day VWAP. The transaction is expected to close in mid-2027, subject to Synaptics shareholder approval, regulatory approvals (including China), and customary conditions.
Key Financial Metrics
Key Facts
- ON Semiconductor (onsemi) to acquire Synaptics in an all-stock deal valued at approximately $7 billion.
- Synaptics shareholders will receive 1.35 onsemi shares per Synaptics share, representing an ~19% premium to the 10-day VWAP.
- Pro-forma combined revenue of $7.8 billion in 2026 based on Street estimates.
- Expected $200 million in annual run-rate synergies (85-90% OpEx, remainder COGS).
- Transaction expected to be accretive within 18 months of closing.
- Pro-forma net debt of $1.2 billion and net leverage well below 1x.
- Onsemi committed to returning 100% of free cash flow to shareholders via share repurchase between now and close.
- Expected close in mid-2027, subject to Synaptics shareholder approval, regulatory approvals (including China), and customary conditions.
Financial Impact
All-stock deal valued at ~$7 billion; Synaptics shareholders receive 1.35 onsemi shares per share (~19% premium); pro-forma revenue $7.8B; $200M annual synergies expected.
Risk Factors
- Regulatory approval risk, especially from China.
- Shareholder approval required from Synaptics stockholders.
- Long timeline to close (mid-2027) exposes deal to market and execution risk.
- Integration risk and potential failure to achieve $200M synergies.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (SYNA) — Batch item 1 | 0001140361-26-026472 |
| Document: 0001140361-26-026472-index-headers.html | 0001140361-26-026471 |
| Document: 0001140361-26-026472-index.html | 0001140361-26-026472 |
| Document: 0001140361-26-026472.txt | 0001140361-26-026472 |
| 425 Filing (SYNA) — Batch item 5 | 0001140361-26-026471 |
| Document: 0001140361-26-026471-index-headers.html | 0001140361-26-026472 |
| Document: 0001140361-26-026471-index.html | 0001140361-26-026472 |
| Document: 0001140361-26-026471.txt | 0001140361-26-026472 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 16d ago | DEFA14A | $89.24 $98.10 | ▲ +9.93% | ▲ +7.36% | $121.10 (+35.70%) |
Aug 27, 2026 5w ago | 425 | $97.59 $97.68 | ▲ +0.09% | ▼ −0.18% | $121.10 (+24.09%) |
Aug 26, 2026 5w ago | Insider Cluster | $95.70 $95.99 | ▲ +0.30% | ▲ +0.42% | $121.10 (+26.54%) |
Aug 21, 2026 6w ago | 425 | $97.66 $95.08 | ▼ −2.64% | ▼ −3.12% | $121.10 (+24.00%) |
Aug 21, 2026 6w ago | 8-K | $97.66 $95.08 | ▼ −2.64% | ▼ −3.12% | $121.10 (+24.00%) |
Aug 19, 2026 6w ago | Insider Cluster | $100.98 $95.70 | ▼ −5.23% | ▼ −4.84% | $121.10 (+19.92%) |
Jul 28, 2026 9w ago | Insider Cluster | $110.87 $105.72 | ▼ −4.65% | ▼ −6.91% | $121.10 (+9.23%) |
Jul 21, 2026 10w ago | Insider Cluster | $119.32 $116.42 | ▼ −2.43% | ▼ −1.20% | $121.10 (+1.49%) |
Jul 15, 2026 11w ago | Press Release | $115.55 $117.60 | ▼ −1.77% | ▼ −3.44% | $121.10 (−4.80%) |
Jun 26, 2026 14w ago | 425 | $121.00 $119.52 | ▼ −1.22% | ▼ −3.39% | $121.10 (+0.08%) |
US Market Status
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