Analog Devices closes $1.5B Empower Semiconductor deal

Analog Devices has completed its acquisition of Empower Semiconductor, a deal it first agreed to in May for $1.5 billion in cash. The transaction closed on July 7, 2026, after approval by both companies’ boards and satisfaction of customary closing conditions. Analog Devices said the deal strengthens its position as a system-level grid-to-core power partner across the AI ecosystem and expands its capabilities in AI compute power delivery.

Empower Semiconductor’s technology focuses on power delivery for AI processors and data-center infrastructure, an area that has become increasingly important as compute demands rise. Analog Devices said the combination broadens its total addressable market in AI power delivery and adds to its existing portfolio across AI and data-center applications. The acquisition also leaves Empower founder Tim Phillips continuing to lead IVR technology efforts within Analog Devices.

The deal terms were unchanged from the original announcement: an all-cash purchase price of $1.5 billion. The companies had previously noted that the transaction was subject to standard regulatory and closing approvals, including the Hart-Scott-Rodino waiting period. With the acquisition now complete, Analog Devices has brought Empower’s power-management capabilities into its broader semiconductor and AI infrastructure business.