Onsemi's Revised Synaptics Deal Expected to Be Immediately Accretive, UBS Says

11:49 AM EDT, 10/02/2026 (MT Newswires) -- ON Semiconductor's (ON) revised all-cash acquisition of Synaptics (SYNA) is expected to be immediately accretive to earnings because the transaction is no longer dilutive to shares outstanding, UBS Securities said in a report emailed Friday. Under the revised terms, Onsemi will pay $123 per share in cash for Synaptics, valuing the transaction at about $5.7 billion, compared with roughly $7 billion under the prior stock-based deal. UBS said the revised structure should make the deal about 11% accretive to earnings per share immediately after closing and about 13% accretive in 2029, including "expected revenue synergies" and insourcing of some Synaptics production. The firm noted, however, that at current Onsemi and Synaptics share prices, the original exchange ratio of 1.35 Onsemi shares for each Synaptics share would imply a transaction value of about $5.1 billion, meaning the company is effectively paying a roughly 12% premium under the revised structure in exchange for faster accretion, according to the report. UBS maintained a neutral rating on Onsemi with a price target of $95. Price: 84.30, Change: +4.22, Percent Change: +5.27