Analog Devices completed its acquisition of Maxim Integrated on August 26, 2021. The roughly $20 billion transaction was an all-stock merger—not a cash takeover—in which Maxim shareholders received 0.6300 shares of Analog Devices common stock for each Maxim share. Maxim stopped trading as an independent Nasdaq-listed company after the closing.
The headline $20 billion figure described the deal’s announcement-era market value. Analog Devices later reported approximately $28.0 billion of accounting consideration, largely reflecting the value of stock issued at closing. Those figures use different valuation methods and should not be treated as contradictory purchase prices.
The deal in one minute
| Item | Details |
|---|---|
| Announcement | July 13, 2020 |
| Closing | August 26, 2021 |
| Structure | All-stock merger |
| Exchange ratio | 0.6300 Analog Devices share for each Maxim share |
| Expected ownership at announcement | Approximately 69% for existing ADI shareholders and 31% for former Maxim shareholders |
| Final major regulatory approval | China’s State Administration for Market Regulation, announced August 23, 2021 |
| Maxim’s public-company status | Maxim common stock ceased trading on Nasdaq after completion |
The merger subsidiary Magneto Corp. merged into Maxim, with Maxim surviving as a wholly owned subsidiary of Analog Devices. Former Maxim CEO Tunç Doluca and former Avago executive Mercedes Johnson joined ADI’s board at closing. ADI’s closing announcement and its Form 8-K describe the completion mechanics.
What Maxim shareholders received
Maxim shareholders did not receive a fixed cash payment. Instead, each Maxim share was exchanged for 0.6300 shares of ADI common stock. Cash was paid only in lieu of fractional ADI shares where applicable, and Maxim equity awards were converted into ADI-denominated awards under the merger terms.
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That structure gave former Maxim investors continued exposure to the combined company, but it also meant that the value of their consideration moved with ADI’s share price. A stock-for-stock merger can preserve potential upside if the buyer performs well, while offering less price certainty than a cash acquisition.
The anticipated ownership split was roughly 69% for existing ADI investors and 31% for former Maxim investors. In practical terms, Maxim shareholders became significant shareholders of ADI rather than being bought out for cash.
Why Analog Devices wanted Maxim
Analog Devices was already a major supplier of precision analog, signal-processing and mixed-signal technology, with strong exposure to industrial, communications and healthcare applications. Maxim added substantial capabilities in power management and specialized mixed-signal products, along with important positions in automotive, data-center, industrial and consumer electronics.
The strategic logic was broader than simply adding revenue. Power-management components sit alongside processors, sensors, communication chips and other signal-chain devices in many electronic systems. Combining the portfolios could give ADI more opportunities to supply complete subsystems rather than individual components.
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- Power management: regulators, power-management ICs, battery-management and charging products, sequencing solutions and power-conversion technology.
- Automotive: electronics for battery management, vehicle connectivity, display power and driver-assistance-related systems.
- Data centers: power-management solutions supporting processors and accelerators.
- Industrial: long-life-cycle products spanning power, sensing, control and connectivity.
- Consumer devices: technologies used in areas such as wearables, hearables, fast charging, gaming and portable power.
At closing, ADI said the combined company would have more than 10,000 engineers, pro-forma trailing revenue above $9 billion and pro-forma trailing free cash flow above $3 billion. These were company-stated pro-forma figures describing the expected scale of the combined business, not a guarantee of future results. ADI’s original transaction announcement provides the company’s strategic rationale and forecasts.
Why the deal is called both $20 billion and $28 billion
The most commonly reported figure was approximately $20 billion. That was an announcement-era market valuation for an all-stock transaction whose ultimate equity value depended on ADI’s share price and the number of shares issued.
After the acquisition, ADI’s purchase-accounting disclosures reported approximately $28.0 billion in total consideration. That accounting figure reflected the fair value of ADI stock issued at the acquisition date along with other acquisition-related consideration. It is not simply a revised cash price for the same deal.
These concepts are different:
- Announcement valuation: a market-based estimate when the transaction was announced.
- Exchange-ratio value: the value implied by 0.6300 ADI share for each Maxim share.
- Closing-date accounting consideration: the value recorded under acquisition-accounting rules when the transaction closed.
- Enterprise value: a broader valuation measure that can include debt and other adjustments.
Accordingly, it is accurate to say that the deal was announced and widely characterized as roughly a $20 billion transaction, while ADI later reported approximately $28 billion of accounting consideration based on the value of stock and other consideration at closing. ADI’s acquisition disclosure explains the later accounting treatment.
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The regulatory path took more than a year
The transaction was announced on July 13, 2020, but it did not close immediately. Shareholder approval and antitrust clearances in the United States and other jurisdictions remained necessary.
China’s State Administration for Market Regulation granted the final major clearance announced in the dossier on August 23, 2021. ADI and Maxim then said all required regulatory approvals had been received and expected to complete the merger around August 26. The closing occurred on that date—roughly 13 months after the announcement.
The timeline mattered because large semiconductor mergers can attract scrutiny over product overlap, supplier choice and the effect of greater concentration in specialized chip markets. The SEC filing on the China clearance records that final stage of the approval process.
What changed for customers and the semiconductor market
For customers, the combined portfolio offered a broader source for analog, mixed-signal, power, sensing and connectivity components. A larger supplier can potentially coordinate more products around a customer’s design, increase engineering support and use greater manufacturing and distribution scale.
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ADI’s current portfolio continues to include power-management products and Maxim-originated capabilities, although corporate ownership does not mean every legacy product remains unchanged. Product families can be consolidated, redesigned or discontinued as a company rationalizes its portfolio. Engineers evaluating a specific Maxim part should check its current status directly in ADI’s power-management IC portfolio and the relevant product documentation rather than assuming that an old Maxim-branded part is still available.
The trade-off is reduced supplier diversity in some categories. Customers may welcome a broader one-stop supplier, but they can also face fewer independent sources for particular components, changes to product road maps or qualification work when products are integrated.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened after closing?
ADI initially presented the acquisition as financially attractive. In September 2021, management said it expected the deal to be neutral to adjusted earnings in fiscal 2022 and accretive within 12 months of closing—six months earlier than its initial expectation. Those statements were management forecasts, not audited guarantees of realized performance.
Later filings show that integration involved meaningful costs. ADI reported special charges associated with Maxim integration and broader organizational actions, including severance, facility-footprint consolidation and write-offs of acquired intellectual property. Its fiscal 2025 annual report continued to describe cumulative integration and restructuring charges tied to these efforts.
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ADI’s original announcement also projected $275 million of cost synergies by the end of the second year. That was a target, not a result that should be presented as automatically achieved. The ultimate investment case depends on whether the combined company converts the broader product portfolio and cost opportunities into durable revenue, cash flow and returns that justify the price paid.
What happened to Maxim?
Maxim no longer exists as an independent public company. Its shares stopped trading after the merger, and its technology, products and operations became part of Analog Devices.
That does not mean the Maxim name or every Maxim product disappeared overnight. Semiconductor products often remain in the market under established part numbers while ownership, documentation, sales channels and development responsibilities transition. The correct distinction is that Maxim’s independent corporate listing ended, while Maxim-originated technology continued to be integrated into ADI’s broader product portfolio.
How investors should assess the transaction
- Separate the deal price from the accounting value. Use the roughly $20 billion figure for the announcement-era description and the approximately $28 billion figure for ADI’s later reported accounting consideration.
- Account for the stock structure. Former Maxim shareholders received ADI shares, so their realized value depended on ADI’s market performance rather than a guaranteed cash amount.
- Measure strategic benefits against costs. More products, engineers and end-market exposure can be valuable, but restructuring charges, product rationalization and acquired-IP write-offs reduce the near-term benefit.
- Define success before judging it. Relevant measures include revenue growth, free-cash-flow generation, operating margins, return on invested capital, customer retention and the treatment of integration costs—not a single headline synergy number.
The transaction clearly changed ADI’s scale and portfolio, particularly in power management and mixed-signal applications. Whether it created sufficient long-term shareholder value is a financial-performance question that cannot be answered solely by the closing announcement or by the original management projections.
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