Adds details

June 25 (Reuters) - Onsemi ON.O said on Thursday it had agreed to acquire Synaptics SYNA.O in an all-stock deal valued at about $7 billion, potentially broadening the chipmaker's presence in the fast-growing market for AI-enabled devices

Shares of Onsemi fell about 7.4% in extended trading, while those of Synaptics were down 0.5%.

Under the terms of the agreement, Synaptics shareholders will receive 1.350 shares of onsemi common stock for each Synaptics share. This exchange ratio represents a 19% premium based on the 10-day volume-weighted average closing prices of both companies' stocks.

"This transaction would add immediate connected compute capabilities, expand our software and ecosystem reach and position onsemi to deliver greater value as customers increasingly seek intelligent systems," Onsemi CEO Hassane El-Khoury said.