- Addressing Key Challenges in AI: Achieving high-density, high-efficiency computing output amid power and thermal constraints limiting system expansion
- Further solidifying ADI’s position as a leading strategic partner for end-to-end power solutions from grid to core chip, serving hyperscale cloud service providers and AI chip developers
- Expanding ADI’s overall market size in AI computing power supply through integrated voltage regulator (IVR) and silicon capacitor technology solutions
BeijingMay 20, 2026 /PRNewswire/ — Analog Devices, Inc. (Nasdaq:ADI) and Empower Semiconductor announced that they have entered into a definitive agreement under which ADI will acquire Empower in an all-cash transaction valued at $1.5 billion.
As AI computing power continues to scale, power density (not just total power consumption) has become a key factor limiting system expansion. Achieving high-density, high-efficiency power delivery at the computing end, with the ability to rapidly respond to changing computing load demands, has emerged as one of the most critical challenges in system design.
ADI and Empower will jointly drive the evolution of power supply architectures for AI and various compute-intensive applications. By moving power conversion closer to the processor, the combined solution can shorten the power delivery chain, improve efficiency, and enable higher-performance, higher-density system designs. Leveraging its leadership in high-performance power management, ADI continues to invest in system-level platforms spanning the entire chain from grid to core chip, driving transformative improvements in performance, density, and efficiency.
Analog Devices to Acquire Empower Semiconductor, Expanding Next-Generation High-Density Power Portfolio for the AI Era
Executive Commentary
- Vincent Roche, CEO and Chairman of the Board of ADI, said: “AI infrastructure is fundamentally reshaping power delivery models, and energy has become a major bottleneck limiting the scaling of next-generation computing systems. ADI has already launched multiple high-performance power management solutions. This acquisition of Empower will further expand our portfolio, helping customers restructure power supply architectures to meet the stringent density demands of next-generation AI. The impact of this technology extends far beyond AI data centers, benefiting all areas constrained by energy limitations.”
- Tim Phillips, CEO of Empower Semiconductor, said: “Since its inception, Empower has been dedicated to tackling the toughest challenges in AI power supply, breaking through the power bottlenecks that constrain AI computing throughput. Our technology achieves the power density, response speed, and efficiency required by AI processors, enabling them to fully unleash performance potential and achieve multi-generational leaps. Leveraging ADI’s power management platform, scale advantages, and excellent operational capabilities, combined with the system-level synergies from this merger, we will accelerate adoption among our customers.”
Empower’s silicon capacitor products are already in mass production, and IVR-related projects are progressing in close collaboration with leading hyperscale cloud service providers and AI chip suppliers. ADI will leverage its scale, manufacturing capabilities, and customer reach to accelerate the deployment of these technologies.
Transaction Details
The acquisition agreement has been approved by the boards of directors of both companies. Under the terms of the agreement, ADI will pay $1.5 billion in cash to Empower’s shareholders. The transaction is expected to close in the second half of 2026, subject to customary closing conditions and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (as amended). Upon completion of the transaction, Mr. Phillips will continue to lead the advancement of IVR technology as part of ADI.
About ADI
Analog Devices, Inc. (NASDAQ: ADI) is a global leader in semiconductor technology, bridging the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies to address climate change, build reliable connections between people and the world, and drive progress in automation and robotics, automotive, healthcare, energy, and data centers. With revenue exceeding $11 billion in fiscal 2025, ADI empowers innovators to go beyond what’s possible. For more information, visit www.analog.com.
About Empower Semiconductor
Headquartered in Silicon Valley, Empower Semiconductor leverages FinFast™ technology to revolutionize the AI industry, reducing data center energy consumption and total cost of ownership. Empower’s integrated voltage regulators provide scalable power delivery on demand, with the response speed, precision, and signal integrity required by AI processors. Empower’s power management architecture reduces solution footprint, height, and component count, enabling vertical power delivery solutions with exceptional power density and efficiency. For more information, visit www.empowersemi.com.
Advisors
PJT Partners is serving as financial advisor to ADI, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel. Barclays is serving as financial advisor to Empower, and Goodwin Procter is serving as legal counsel.
Forward Looking Statements
This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding expected product solutions, offerings, technologies, capabilities, and applications, including those that may incorporate, or be based upon, software; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; expected market and technology trends; 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: economic, political, legal and regulatory uncertainty or conflicts; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; reputational damage; changes in our estimates of our expected tax rates based on current tax law;. 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.
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