Analog Devices to buy Empower Semiconductor for $1.5 billion in cash

Analog Devices agreed to acquire Empower Semiconductor for $1.5 billion in cash. Empower makes integrated voltage regulators and silicon capacitors that sit close to AI processors. The deal was expected to close in the second half of 2026, subject to customary conditions and the Hart-Scott-Rodino waiting period.

• Price $1.5 billion, all cash
• Empower makes integrated voltage regulators (IVRs) and silicon capacitors for AI processor power delivery
• Empower CEO Tim Phillips will keep leading IVR technology work at ADI
• Expected close: second half of calendar 2026