Analog Devices nears $1.5 bln deal for Empower Semiconductor

ADI is in advanced talks to acquire Empower Semiconductor for roughly $1.5 billion in cash, according to reports, marking one of the larger analog-power M&A deals of the year. Empower specializes in integrated voltage regulators used in data-center accelerators and high-density compute, a category that has seen demand spike alongside AI infrastructure buildouts.

The deal would bolster Analog Devices' power-management portfolio at a moment when hyperscalers are aggressively requalifying suppliers for next-generation GPU and custom-ASIC platforms. ADI has historically grown through targeted M&A, with Maxim and Linear Technology as the obvious precedents, and Empower fits the pattern of acquiring specialized IP rather than scale.

Terms are not yet final and either side could still walk, but if completed at the reported price, the transaction would imply a meaningful premium versus typical analog-power multiples. Watch for confirmation language, financing structure (cash vs. mixed), and any commentary on accretion timing when ADI next updates the Street.

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