$1.5B AI power deal: Analog Devices (NASDAQ: ADI) to acquire Empower Semiconductor
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Analog Devices, Inc. (ADI) has agreed to acquire Empower Semiconductor in an all-cash deal valued at $1.5 billion. Empower provides integrated voltage regulators and silicon capacitor power-management solutions aimed at high-density, energy-efficient AI compute.
The acquisition is designed to expand ADI’s grid-to-core power portfolio for hyperscalers and AI silicon developers, addressing power and thermal bottlenecks in AI data centers and other compute‑intensive systems. The transaction is expected to close in the second half of calendar year 2026, subject to customary closing conditions and expiration of the Hart‑Scott‑Rodino antitrust waiting period. Empower CEO Tim Phillips is expected to continue leading integrated voltage regulator technology efforts within ADI.
Positive
- Strategic AI power expansion: ADI’s $1.5 billion all-cash acquisition of Empower Semiconductor adds Integrated Voltage Regulator and silicon capacitor technology targeting high-density, energy-efficient AI compute power delivery, reinforcing ADI’s system-level “grid-to-core” positioning with hyperscalers and AI silicon developers.
Negative
- None.
Insights
ADI makes a $1.5B AI power play, deepening its role in data‑center power delivery.
Analog Devices is acquiring Empower Semiconductor for $1.5 billion in cash to strengthen its position in high‑density power delivery for AI and other compute‑intensive workloads. Empower brings Integrated Voltage Regulator (IVR) and silicon capacitor technology that targets power bottlenecks near advanced processors.
The deal aims to enhance ADI’s system‑level "grid‑to‑core" power platform for hyperscalers and AI silicon providers, tying into ADI’s more than $11 billion in FY25 revenue. Management highlights that power density and efficiency at the point of compute are now critical constraints as AI scales.
The transaction is expected to close in the second half of 2026, pending customary conditions and Hart‑Scott‑Rodino antitrust clearance. Execution will depend on regulatory approvals and ADI’s ability to integrate Empower’s programs, which are already in production or in collaboration with leading customers.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Acquisition price: $1.5 billion all-cash
ADI revenue: more than $11 billion
Expected closing period: second half of calendar year 2026
+2 more
5 metrics
Acquisition price
$1.5 billion all-cash
Purchase price ADI will pay to Empower’s stockholders
ADI revenue
more than $11 billion
Analog Devices FY25 revenue scale
Expected closing period
second half of calendar year 2026
Planned closing timeframe for the Empower acquisition
Form type
Form 8-K
Current report under Securities Exchange Act of 1934
Exhibit 99.1 date
May 19, 2026
Date of joint press release announcing the transaction
Key Terms
all-cash transaction, Integrated Voltage Regulator (IVR), Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, hyperscalers, +1 more
5 terms
all-cash transaction financial
"entered into a definitive agreement under which ADI will acquire Empower in an all-cash transaction for $1.5 billion"
An all-cash transaction is a deal where the full purchase price is paid immediately in cash or cash equivalents, rather than through financing or installment payments. For investors, this type of transaction often indicates a quick, straightforward sale and can signal confidence from the buyer, potentially affecting the value and perception of the involved assets.
Integrated Voltage Regulator (IVR) technical
"with Integrated Voltage Regulator (IVR) and Silicon Capacitor technology solutions"
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended regulatory
"subject to ... the expiration of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended"
hyperscalers technical
"further advances ADI’s position as a leading strategic, system-level grid-to-core power partner for hyperscalers and AI silicon developers"
Hyperscalers are large technology companies that operate massive computing networks and data centers to provide cloud services, data storage, and online infrastructure at an enormous scale. They are essential to the digital economy because they enable businesses and organizations to handle vast amounts of data and run complex applications efficiently. For investors, hyperscalers represent powerful engines of growth and innovation in the technology sector.
forward-looking statements regulatory
"This press release contains forward-looking statements, which address a variety of subjects including, for example, the expected timetable for closing"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
_________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________________________________
FORM 8-K
_____________________________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 19, 2026
_____________________________________________________________________________________________________
| (Exact name of Registrant as Specified in its Charter) | ||
______________________________________________________________________________________________________
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||
Registrant's telephone number, including area code: (781 ) 935-5565
Not Applicable
| (Former Name or Former Address, if Changed Since Last Report) | ||
______________________________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure
On May 19, 2026 Analog Devices, Inc. (the “Company”) and Empower Semiconductor, Inc. (“Empower”) announced the entry into a definitive agreement under which the Company will acquire Empower, a provider of integrated voltage regulators and power management solutions. The transaction is expected to close in the second half of calendar year 2026, subject to customary closing conditions, including the expiration of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rondino Antitrust Improvements Act of 1976, as amended. A copy of the joint press release is furnished herewith as Exhibit 99.1 and will also be available on the Company's website at www.analog.com.
The information in this Item 7.01 and in Exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information contained in this Item 7.01 and in Exhibit 99.1 attached hereto shall not be incorporated into any registration statement or other document filed by the Company with the U.S. Securities and Exchange Commission under the Securities Act of 1933, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Joint press release, dated May 19, 2026 | |||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | May 19, 2026 | ANALOG DEVICES, INC. | |||||||||||||||
| By: | /s/ Janene I. Asgeirsson | ||||||||||||||||
| Janene I. Asgeirsson | |||||||||||||||||
| Senior Vice President, Chief Legal Officer and Corporate Secretary | |||||||||||||||||
Exhibit 99.1
CONTACT:
Jeff Ambrosi
Senior Director, Investor Relations
Analog Devices
Investor.Relations@analog.com
(781) 461-3282
Ferda Millan
Global PR and External Communications
Analog Devices
CorpComm@analog.com
(408) 373-1854
For Release: May 19, 2026
Analog Devices to Acquire Empower Semiconductor, Expanding its Next-Generation High-Density Power Portfolio for the AI Era
•Addresses a critical challenge in AI – delivering high-density, energy-efficient compute as power and thermal demands limit system scale
•Further advances ADI’s position as a leading strategic, system-level grid-to-core power partner for hyperscalers and AI silicon developers
•Expands ADI’s total addressable market in AI compute power delivery with Integrated Voltage Regulator (IVR) and Silicon Capacitor technology solutions
WILMINGTON, Mass. & MILPITAS, Calif. – May 19, 2026 – Analog Devices, Inc. (NASDAQ: ADI) and Empower Semiconductor today announced that they have entered into a definitive agreement under which ADI will acquire Empower in an all-cash transaction for $1.5 billion.
As AI compute scales, power density – not just total watts – has become the limiting factor. Delivering high-density, high-efficiency power at the point of compute, while responding to fast-changing demands, is now one of the most critical challenges in system design.
Together, ADI and Empower will help shape the power delivery architecture for AI and other compute-intensive applications. By enabling power conversion closer to the processor, the combined solution shortens the power delivery path and improves
efficiency to support higher-performance, higher-density systems. Building on its leadership in high-performance power management, ADI is investing in its system-level platform to deliver a step-change in performance, density, and efficiency from grid to core.
Commentary
•“AI infrastructure is fundamentally reshaping how power must be delivered, with energy now the most persistent constraint to scaling next-generation systems. ADI already delivers some of the highest-performance power management solutions in the industry, and with Empower we are further expanding our portfolio to help customers rearchitect their power systems and achieve the compute densities next-generation AI demands. The impact of this technology extends well beyond AI data centers to any domain where energy constrains what is possible,” said Vincent Roche, CEO and Chair at ADI.
•“Empower was founded to solve the hardest problem in AI power delivery – the power bottleneck that is limiting AI throughput. Our technology enables the power density, speed and efficiency required by AI processors to reach their full potential, unleashing generations of performance improvements. The combination of ADI’s power management platform, scale and operational excellence, along with the system level benefits our merger enables, will accelerate our adoption with customers,” said Tim Phillips, CEO of Empower Semiconductor.
Empower’s silicon capacitors are already in production, and IVR programs are advancing in close collaboration with leading hyperscalers and AI silicon providers – capabilities ADI will accelerate through its scale, manufacturing, and customer reach.
Transaction Details
Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, ADI will pay Empower’s stockholders $1.5 billion in an all-cash purchase price. The transaction is expected to close in the second half of calendar year 2026, subject to customary closing conditions and the expiration of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Following the closing of the Transaction, Mr. Phillips will continue leading IVR technology efforts as part of ADI.
About Analog Devices, Inc.
Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and X.
About Empower Semiconductor
Empower Semiconductor, based in Silicon Valley, powers the AI revolution with its FinFast™ technology by reducing the energy footprint and total cost of ownership of data centers. Its integrated voltage regulators deliver on-demand scalable power with the speed, precision and signal integrity required by AI processors. Empower’s power-management architecture is designed to shrink solution footprint, height and component count, achieving vertical power delivery with robust power density and efficiency. Learn more at www.empowersemi.com and follow us on LinkedIn.
Advisors
PJT Partners is acting as financial advisor to ADI, and Wachtell, Lipton, Rosen & Katz as legal counsel; Barclays is acting as financial advisor, and Goodwin Procter as legal counsel to Empower.
All trademarks and registered trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements, which address a variety of subjects including, for example, the expected timetable for closing of the transaction between Analog Devices, Inc. and Empower Semiconductor; the expected benefits of the transaction; ADI’s expected product offerings, product development, and technical advances resulting from the transaction; and other future events. Statements that are not historical facts, including statements about our beliefs, plans, and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the risk that regulatory approvals may not be obtained or other closing conditions may not be satisfied in a timely manner or at all; the possibility that the transaction will not close or that closing may be delayed; unforeseen or unknown liabilities; costs or expenses related to the transaction; the inability to retain key personnel; difficulties in integrating the acquired business; the risk that expected benefits of the transaction may not be realized or may take longer to realize than expected; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.
FAQ
What did Analog Devices (ADI) announce in this 8-K filing?
Analog Devices announced a definitive agreement to acquire Empower Semiconductor in an all-cash transaction valued at $1.5 billion. Empower provides integrated voltage regulator and silicon capacitor power solutions focused on AI and other compute-intensive applications, expanding ADI’s high-density power portfolio.
How much is Analog Devices paying to acquire Empower Semiconductor?
Analog Devices will pay Empower Semiconductor stockholders $1.5 billion in an all-cash purchase price. This consideration reflects the strategic value ADI places on Empower’s integrated voltage regulator and silicon capacitor technologies for AI data centers and other demanding power-delivery environments.
When is the Analog Devices and Empower Semiconductor deal expected to close?
The transaction is expected to close in the second half of calendar year 2026. Closing is subject to customary conditions, including expiration of the applicable Hart‑Scott‑Rodino antitrust waiting period and other standard regulatory and transaction-related approvals.
How does the Empower Semiconductor acquisition support ADI’s AI strategy?
The acquisition adds Empower’s Integrated Voltage Regulator and silicon capacitor technology to ADI’s power platform, targeting high-density, high-efficiency AI compute. By enabling power conversion closer to processors, it shortens power paths and supports higher-performance, higher-density systems for AI and other compute workloads.
What is Analog Devices’ revenue scale relative to this acquisition?
Analog Devices reported revenue of more than $11 billion in FY25, highlighting its large existing scale. The $1.5 billion all-cash purchase of Empower represents a significant strategic investment to deepen ADI’s role in AI data-center and compute power-delivery architectures.
What will happen to Empower Semiconductor’s leadership after the acquisition?
Following closing of the transaction, Empower CEO Tim Phillips is expected to continue leading integrated voltage regulator (IVR) technology efforts within ADI. This continuity is intended to preserve Empower’s technical leadership and accelerate adoption with hyperscalers and AI silicon customers.