---
title: "One month, three deals, $6.7 billion: onsemi assembles an edge-AI stack"
description: "In one month onsemi has agreed a $5.7 billion cash buyout of Synaptics, opened talks near $1 billion for the AI-power startup Ferric and paid $14.5 million for Codasip's RISC-V cores. That is a fifth of its market value committed or under offer, and Monday's earnings land with the two biggest checks still open."
publisher: "The Inference"
section: "Deals"
published: 2026-10-29T13:23:21.927Z
modified: 2026-10-29T13:23:21.927Z
canonical: https://theinference.org/article/one-month-three-deals-6-7-billion-onsemi-assembles-an-edge-ai-stack
language: en
keywords: "Onsemi, Synaptics, Semiconductors, Mergers & Acquisitions, Edge AI"
---

# One month, three deals, $6.7 billion: onsemi assembles an edge-AI stack

> In one month onsemi has agreed a $5.7 billion cash buyout of Synaptics, opened talks near $1 billion for the AI-power startup Ferric and paid $14.5 million for Codasip's RISC-V cores. That is a fifth of its market value committed or under offer, and Monday's earnings land with the two biggest checks still open.

## The $14.5 million that finished a $6.7 billion month

On October 29, [onsemi](https://theinference.org/markets/companies/onsemi), the Scottsdale power-chip maker (Nasdaq: ON), bought the low-end RISC-V processor-IP business of Codasip for $14.5 million, [a deal so far covered only in the trade press](https://www.design-reuse.com/news/202531357-onsemi-picks-up-codasip-s-low-end-risc-v-business-for-14-5-million/) [1]. It finishes a month that opened with [the October 1 re-cut of the Synaptics takeover](https://investor.onsemi.com/news-releases/news-release-details/onsemi-and-synaptics-announce-revised-merger-agreement): $123 a share in cash, about $5.7 billion, down from roughly $7 billion in stock, after [a rival approach chipmaker Cirrus Logic confirmed making and then dropped](https://theinference.org/article/cirrus-logic-confirms-it-bid-for-synaptics-and-walked-away-onsemi-is-paying-123-a-share-in-cash) [2][3].

On October 27, The Information [reported talks to buy](https://www.theinformation.com/articles/chipmaker-onsemi-talks-buy-startup-1-billion) Ferric, a New York power-chip startup founded in 2010, for close to $1 billion, possibly with payments tied to performance targets [4][5]. At the reported price the three total about $6.7 billion, a fifth of onsemi's $30.6 billion market value [6].

*Chart: **One month, $6.7 billion: onsemi's October deals** Bar chart of onsemi's three October deals: Synaptics at $5.7 billion agreed, Ferric at about $1 billion in talks, Codasip at $14.5 million closed*

*Deal values as reported, US$ billions. Ferric is an unsigned reported price, marked as an estimate. Sources: onsemi merger release; The Information via Dealroom; JPR via Design & Reuse. [2][5][1]*

## Each purchase buys a different layer

[Synaptics](https://theinference.org/markets/companies/synaptics) (Nasdaq: SYNA), the San Jose chip company, brings edge processors, wireless connectivity and sensors, and in onsemi's own words complements its AI data-center business [2]. Ferric's integrated voltage regulators feed power directly to AI processors, wasting less energy in transit [5]. Codasip hands over the processor cores built on RISC-V, the openly licensed instruction set [1].

## The war chest came from a shrinking core

Revenue fell three straight years, $8.25 billion in 2023, $7.08 billion in 2024, $6.0 billion in 2025, on $1.42 billion of free cash flow last year [6]. Ten straight quarters of year-on-year decline ended in 2026: revenue rose 4.7 percent, then 9.2 percent, in the first two quarters [7].

Cash stood at $3.5 billion at the July quarter end [7], after [July agreements to divest two fabs](https://investor.onsemi.com/news) [8]. [Morgan Stanley](https://theinference.org/markets/companies/morgan-stanley)'s debt is fully committed with no financing condition, and the FTC has cleared the Synaptics deal [2]. The stock closed October 28 at $75.63, 44 percent below its 52-week high [6].

*Chart: **Ten quarters of decline, then revenue growth returned in 2026** Line chart of onsemi quarterly revenue from Q3 2023 to Q2 2026, falling from $2.18 billion to about $1.5 billion, then rising to $1.6 billion*

*Quarterly revenue, US$ billions, from onsemi's SEC filings. Ten straight quarters of year-on-year decline ended in the first half of 2026. [7]*

## The price of the parts is the risk

The bull case: the world's second-largest power-chip maker [6] is buying a whole edge-AI bill of materials at the bottom of its own cycle, immediately accretive to earnings, with $200 million of run-rate synergies [2].

The bear case: Ferric has raised about $41.8 million in its life and books little revenue, against a $10 billion market it estimates itself [9], and neither big check has closed. The Ferric talks could collapse and [the Synaptics vote has not been scheduled](https://theinference.org/article/synaptics-5-85-spread-to-onsemi-s-123-cash-offer-waits-on-an-unscheduled-shareholder-vote) [3][5]. Paying up for AI power is the fashion anyway: [Analog Devices](https://theinference.org/markets/companies/analog-devices) [agreed in May to buy Empower Semiconductor for $1.5 billion](https://dealroom.co/news/167557-onsemi-in-talks-to-buy-chip-startup-ferric-for-about-1b/) [5].

## Monday prices the stack

[Results land after the close on Monday, November 2](https://markets.businessinsider.com/news/stocks/onsemi-to-announce-third-quarter-financial-results-1036631996), with the Ferric talks still live [10]. Two dates decide the framing: a signed Ferric agreement, and a scheduled Synaptics shareholder meeting [3]. By Tuesday morning onsemi is either an edge-AI platform with a $6.7 billion receipt, or a power-chip company carrying a $1 billion rumor on its books [3].

## Takeaway

onsemi has agreed or negotiated about $6.7 billion of acquisitions in one month, a fifth of its market value, buying an edge-AI stack from Synaptics, Ferric and Codasip while its own revenue growth has just returned; the framing settles when third-quarter results land on November 2 and when the Ferric agreement and Synaptics vote arrive.

## Sources

1. [Jon Peddie Research via Design&Reuse, "Onsemi picks up Codasip's low-end RISC-V business for $14.5 million," 29 October 2026](https://www.design-reuse.com/news/202531357-onsemi-picks-up-codasip-s-low-end-risc-v-business-for-14-5-million/)
2. [onsemi (GlobeNewswire), "onsemi and Synaptics Announce Revised Merger Agreement," 1 October 2026](https://investor.onsemi.com/news-releases/news-release-details/onsemi-and-synaptics-announce-revised-merger-agreement)
3. [The Inference, "Synaptics' $5.85 spread to onsemi's $123 cash offer waits on an unscheduled shareholder vote," 28 October 2026](https://theinference.org/article/synaptics-5-85-spread-to-onsemi-s-123-cash-offer-waits-on-an-unscheduled-shareholder-vote)
4. [The Information, "Chipmaker Onsemi in Talks to Buy Startup for About $1 Billion," 27 October 2026 (headline and date verified; body paywalled)](https://www.theinformation.com/articles/chipmaker-onsemi-talks-buy-startup-1-billion)
5. [Dealroom News, "Onsemi in talks to buy chip startup Ferric for about $1B," 27 October 2026](https://dealroom.co/news/167557-onsemi-in-talks-to-buy-chip-startup-ferric-for-about-1b/)
6. [Blockchain.News, "onsemi (ON) Stock Price, News & Forecasts," price and SEC-derived annual data as of 28 October 2026](https://blockchain.news/stocks/on)
7. [onsemi quarterly figures from its SEC filings (revenue, cash, free cash flow), retrieved 29 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001097864)
8. [onsemi Investor Relations, news index (fab divestiture agreements, 7 July 2026; revised Synaptics agreement, 1 October 2026), accessed 29 October 2026](https://investor.onsemi.com/news)
9. [Crypto Briefing, "Onsemi reportedly in talks to buy AI power startup Ferric for nearly $1 billion," 28 October 2026](https://cryptobriefing.com/onsemi-talks-acquire-ferric-1-billion/)
10. [GlobeNewswire via Markets Insider, "onsemi to Announce Third Quarter Financial Results," 15 October 2026](https://markets.businessinsider.com/news/stocks/onsemi-to-announce-third-quarter-financial-results-1036631996)


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One month, three deals, $6.7 billion: onsemi assembles an edge-AI stack — The Inference. Canonical: https://theinference.org/article/one-month-three-deals-6-7-billion-onsemi-assembles-an-edge-ai-stack