Shares of Synaptics Inc (NASDAQ:SYNA) rose sharply in pre-market trading.

ON Semiconductor Corp.

(NASDAQ:ON) and Synaptics on Thursday announced a definitive agreement to combine their businesses, outlining expected strategic and financial impacts of the transaction.

ON Semi will acquire Synaptics in an all-stock transaction, representing a total enterprise value of approximately $7 billion.

Synaptics shares jumped 5.6% to $132.60 in pre-market trading.