Analog Devices and Empower Semiconductor have signed a definitive agreement under which ADI will acquire Empower in a $1.5 billion all-cash deal.
As artificial intelligence workloads continue to grow, power density has emerged as a major bottleneck in advanced computing systems. The challenge is no longer just supplying more power, but delivering it efficiently in compact spaces while adapting to rapidly changing processing demands.
By combining their technologies, ADI and Empower aim to advance power delivery systems for AI and other high-performance computing applications. Their integrated approach will bring power conversion closer to processors, reducing transmission losses and improving efficiency to support faster, denser, and more capable computing platforms. Building on its expertise in high-performance power management, ADI is further strengthening its system-level solutions to deliver improved performance, efficiency, and power density from the energy source all the way to the processor core.
Commentary
- “AI infrastructure is fundamentally reshaping how power must be delivered, with energy now the most persistent constraint to scaling next-generation systems. ADI already delivers some of the highest-performance power management solutions in the industry, and with Empower we are further expanding our portfolio to help customers rearchitect their power systems and achieve the compute densities next-generation AI demands. The impact of this technology extends well beyond AI data centers to any domain where energy constrains what is possible,” said Vincent Roche, CEO and Chair at ADI.
- “Empower was founded to solve the hardest problem in AI power delivery – the power bottleneck that is limiting AI throughput. Our technology enables the power density, speed and efficiency required by AI processors to reach their full potential, unleashing generations of performance improvements. The combination of ADI’s power management platform, scale and operational excellence, along with the system level benefits our merger enables, will accelerate our adoption with customers,” said Tim Phillips, CEO of Empower Semiconductor.
Empower’s silicon capacitors are already in production, and IVR programs are advancing in close collaboration with leading hyperscalers and AI silicon providers – capabilities ADI will accelerate through its scale, manufacturing, and customer reach.
Transaction Details
Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, ADI will pay Empower’sstockholders $1.5 billion in an all-cash purchase price. The transaction is expected to close in the second half of calendar year 2026, subject to customary closing conditions and the expiration of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Following the closing of the Transaction, Mr. Phillips will continue leading IVR technology efforts as part of ADI.
