Woofun AI reports that ON Semiconductor has agreed to acquire Synaptics in a wholly stock-based transaction valued at approximately $7 billion. This marks the largest acquisition in ON Semiconductor's history, aimed at expanding market share in artificial intelligence devices and "physical AI". Under the agreement, Synaptics shareholders will receive 1.350 shares of ON Semiconductor common stock for each share held, representing a 19% premium over the 10-day weighted average closing price.