onsemi and Synaptics have amended their June 25, 2026 merger agreement, under which onsemi will acquire Synaptics for $123 per share in cash in a transaction valued at about $5.7 billion. The revised terms followed an unsolicited competing proposal from an unidentified third party that Synaptics' board had initially deemed superior. The original agreement called for onsemi to exchange 1.35 shares for each Synaptics share, a deal valued at about $7 billion when announced. Onsemi will fund the acquisition with cash on hand and committed debt financing, including a Morgan Stanley senior secured term loan of up to $2.45 billion; the company reported $3.5 billion of cash and cash equivalents as of July 3. The amended agreement no longer makes financing a closing condition. The companies expect the deal to be immediately accretive to onsemi's adjusted earnings per share upon closing, with further revenue and production-insourcing opportunities identified beyond $200 million of annual run-rate synergies. U.S. Federal Trade Commission clearance has been obtained, while reviews in other jurisdictions, Synaptics shareholder approval and other customary conditions remain outstanding. The companies continue to target a mid-2027 closing. Onsemi shares rose 6.46% to $85.25 in Friday trading, while investors also focused on the company's estimated Nov. 2, 2026 earnings report.