Analog Devices to Acquire Empower Semiconductor for $1.5 Billion

May 19, 2026
Analog Devices has agreed to acquire Empower Semiconductor in an all-cash deal valued at $1.5 billion, aiming to expand its high-density power management portfolio for AI and compute applications.

Analog Devices will acquire Empower Semiconductor for $1.5 billion in cash, announced in a press release. The boards of both companies have approved the transaction, which is expected to close in the second half of 2026 pending regulatory clearance.

The acquisition aims to expand Analog Devices' power management portfolio to address high-density and high-efficiency power delivery for AI and other compute-intensive systems. Empower’s technology enables power conversion closer to processors, improving efficiency and performance.

Following the acquisition, Empower CEO Tim Phillips will continue to lead integrated voltage regulator technology efforts within Analog Devices. Empower’s silicon capacitors are already in production, and its integrated voltage regulator programs are advancing with hyperscale and AI silicon partners, capabilities that Analog Devices plans to accelerate through its manufacturing and customer network.

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