India, June 26 -- Shares of onsemi (ON) fell 23% after the chipmaker announced an all-stock agreement to acquire Synaptics in a transaction valued at approximately $7 billion.
The stock is currently trading at $91.21, down $27.53 or 23.19%, on the Nasdaq. It opened at $98.08 after closing the previous session at $118.74. The stock has traded between $44.56 and $134.92 over the past 52 weeks.
The acquisition is expected to expand onsemi's capabilities beyond power and sensing into edge AI computing, human-machine interfaces, and wireless connectivity, positioning the combined company to capitalize on the growing Physical AI market. Management said the deal could increase onsemi's total addressable market by $30 billion to $243 billion by 2...