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Semiconductor acquisition agreements totaled $23.2 billion in 2018, down from $28.1 billion in 2017 and far below the record $107.3 billion reported for 2015. The decline reflected the end of an unusually large-deal cycle, a small number of transactions accounting for much of the annual total, and proposed deals that never closed.
How much were semiconductor acquisitions worth in 2018?
IC Insights put the value of semiconductor acquisition agreements at $23.2 billion in 2018, about 17% below 2017’s $28.1 billion. Even after that fall, 2018 was well above the $12.6 billion average annual value for 2010 through 2014. It was, however, less than a quarter of the 2015 record of $107.3 billion.
| Period | Reported value | How to read it |
|---|---|---|
| 2010–2014 | $12.6 billion average per year | IC Insights average annual semiconductor M&A value. |
| 2015 | $107.3 billion | IC Insights record annual value. |
| 2017 | $28.1 billion | IC Insights annual agreement value. |
| 2018 | $23.2 billion | IC Insights annual agreement value. |
These figures describe announced or agreed transaction value, not simply cash paid for deals completed during each calendar year. The distinction matters because a large proposed acquisition can lift the announced total and then disappear from a later tally if it fails to close.
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesWhy did semiconductor M&A value fall in 2018?
The prior peak depended on a few megadeals
The 2015–16 surge was unusually reliant on a handful of multibillion-dollar agreements. When that wave cooled, fewer enormous transactions meant a much lower aggregate, even though acquisitions continued. EY later characterized the post-boom period this way: “After a wave of blockbuster deals in 2015-16, global semiconductor dealmaking has slowed dramatically.” EY’s semiconductor M&A analysis also identifies antitrust and national-security reviews as constraints that halted several high-profile transactions.
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A major failed deal changed the historical comparison
Qualcomm’s proposed purchase of NXP was announced at $39 billion and later raised to $44 billion. It was cancelled in July 2018. After major proposed deals including Qualcomm–NXP failed to close, IC Insights revised its 2016 semiconductor M&A total from $100.4 billion to $59.3 billion. The revision shows why an announced-value series can differ materially from completed deal activity.
Which transactions accounted for much of 2018’s total?
Two transactions represented about 65% of the year’s $23.2 billion total, according to IC Insights as reported by Electronic Design:
- Microchip Technology’s acquisition of Microsemi: Microchip announced an $8.35 billion cash agreement in March 2018 and completed the deal in May. The company said the acquisition would strengthen its computing, communications and wireless applications.
- Renesas Electronics’ acquisition of IDT: Renesas announced a $6.7 billion cash agreement in September 2018. At the time, it expected the transaction to close by June 2019 and positioned it around automotive ICs, advanced driver-assistance systems and autonomous vehicles.
Other notable activity included Micron exercising an option to acquire Intel’s remaining interest in IM Flash for about $1.5 billion, with closing expected in the second half of 2019. Wingtech also began acquiring Nexperia shares in 2018 through transactions totaling nearly $3.8 billion as it sought majority ownership. These figures describe different transaction stages and should not be treated as four completed 2018 acquisitions.
Electronic Design’s January 2019 account of IC Insights’ figures provides the contemporaneous deal details and expectations.
Did semiconductor M&A recover after 2018?
There was no smooth return to the 2015 peak. EY puts semiconductor M&A value at about $15 billion in 2023, the lowest level in ten years, and says dealmaking was later recovering. Its chart indicates roughly $81 billion for 2025. A separate Barclays/Dealogic measure reports $78 billion for 2025 deals valued above $100 million. Those numbers are directional context, not directly comparable points in a single series: their coverage and thresholds differ.
Investment in private equity and venture capital is another distinct measure. S&P Global Market Intelligence reported $13.35 billion in global semiconductor private-equity and venture-capital investment in 2025; that figure should not be added to acquisition totals or read as the value of semiconductor M&A.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare semiconductor M&A totals
Before comparing annual figures, check what each source counts. A headline total can change depending on whether it records agreements when announced or only transactions when completed, and on which kinds of assets and deals are included.
- Deal status: announced value can include agreements that later fail, as the revised 2016 total illustrates.
- Inclusion threshold: some series exclude transactions below a stated dollar amount; Barclays/Dealogic’s 2025 figure, for example, covers deals above $100 million.
- Asset scope: a dataset may cover whole-company acquisitions, business units, product lines, fabrication plants or intellectual property differently.
- Geography and cut-off: confirm which markets are covered and the date through which transactions were counted.
EY’s approximate 2025 chart value and Barclays/Dealogic’s threshold-based total are useful complementary indicators, but the evidence does not establish that they use identical definitions. Treating them as one continuous series would imply precision the figures do not support.
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