Analog Devices拟收购Empower Semiconductor，拓展因应AI时代的新一代高密度电源产品组合

• 解决AI领域关键挑战：在功耗与散热需求制约系统扩容的现状下实现高密度、高能效算力输出
• 进一步巩固ADI作为领先的系统级电网至核心芯片全链路电源配置策略合作夥伴地位，服务超大规模云端服务商与AI芯片开发商
• 凭藉整合电压调节器(IVR)与矽电容技术方案，拓展ADI在AI算力供电领域的整体市场规模

Analog Devices, Inc. (NASDAQ: ADI)与Empower Semiconductor宣布，双方已达成最终协议，ADI将以15亿美元全现金交易收购Empower。

随着AI算力规模持续扩张，功率密度(不仅是总功耗)已成为制约系统规模扩展的关键因素。在算力端实现高密度、高能效供电，并能够快速回应不断变化的算力负载需求，现已成为系统设计中最核心的挑战之一。

ADI与Empower将携手推动AI及各类算力密集型应用的供电架构发展。透过将电源转换环节部署到更靠近处理器的位置，整合后的解决方案可缩短供电链路、提升效率，助力打造性能更强、密度更高的系统设计。凭藉在高性能电源管理领域的领先优势，ADI持续投入系统级平台，从电网到核心芯片全链路，推动性能、密度与能效实现跨越式反覆运算升级。

高层评论

• ADICEO暨董事会主席Vincent Roche表示：「AI基础设施正从根本上重塑供电模式，能源已然成为制约新一代算力系统规模化发展的主要瓶颈。ADI已推出多款高性能电源管理解决方案，本次收购Empower，将进一步扩展我们的产品组合，协助客户重构供电系统架构，满足新一代AI对算力密度的严苛需求。这项技术的影响远不止于AI数据中心，所有受能源条件限制的领域都将因此受益。」

• Empower SemiconductorCEOTim Phillips表示：「Empower自成立以来，始终致力于攻克AI供电领域最棘手的难题，破除制约AI算力吞吐能力的供电瓶颈。我们的技术可达成AI处理器所需的功率密度、回应速度与能效，助力其充分释放性能潜力，实现多代际性能跃升。凭藉ADI的电源管理平台、规模优势与优异的营运能力，辅以本次合并带来的系统级协同效益，将进一步加速我们的客户应用。」

Empower的矽电容产品已实现量产，IVR相关专案也正与领先的超大规模云端服务商、AI芯片供应商紧密合作推进。ADI将凭藉自身规模优势、制造能力及客户覆盖范围，加速推动相关技术落地。

交易详情

收购协议已获双方董事会批准。根据协定条款，ADI将向Empower股东支付15亿美元全现金收购价款。该交易预计将于2026年下半年完成，具体取决于惯常的交割条件，以及修订版《1976年哈特-斯科特-罗迪诺反垄断改进法案》(Hart-Scott-Rodino Antitrust Improvements Act of 1976)规定的适用等待期（及其任何延期期限）届满。交易完成后，Phillips先生将成为ADI的一员并继续领导推进IVR技术相关工作。

关于ADI

Analog Devices, Inc. (NASDAQ: ADI)为全球领先的半导体公司，致力于在现实世界与数码世界之间搭起桥梁，以实现智能边缘领域的突破性创新。ADI提供结合类比、数码、AI和软件技术的解决方案，以积极因应气候变迁挑战，建立人与世界万物的可靠互联，并推动自动化与机器人、汽车、医疗保健、能源与数据中心等领域的持续发展。ADI 2025会计年度营收超过110亿美元，并协助创新者不断超越一切可能。更多信息请浏览www.analog.com。

关于Empower Semiconductor

Empower Semiconductor总部位于硅谷，凭藉FinFast™技术协助AI产业革新有效降低数据中心能耗规模与总体持有成本。Empower的整合电压调节器可按需求弹性扩展供电能力，兼具AI处理器所需的回应速度、精度与信号完整性。Empower的电源管理架构能精简方案占用空间、降低高度并减少元件数，实现具有强大功率密度与优异能效表现的垂直供电方案。如需了解更多信息，请浏览www.empowersemi.com。

顾问

PJT Partners担任ADI的财务顾问，Wachtell, Lipton, Rosen & Katz担任其法律顾问；巴克莱银行(Barclays)担任Empower的财务顾问，Goodwin Procter担任其法律顾问。

Forward-Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, the expected timetable for closing of the transaction between Analog Devices, Inc. and Empower Semiconductor; the expected benefits of the transaction; ADI's expected product offerings, product development, and technical advances resulting from the transaction; 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: the risk that regulatory approvals may not be obtained or other closing conditions may not be satisfied in a timely manner or at all; the possibility that the transaction will not close or that closing may be delayed; unforeseen or unknown liabilities; costs or expenses related to the transaction; the inability to retain key personnel; difficulties in integrating the acquired business; the risk that expected benefits of the transaction may not be realized or may take longer to realize than expected; and uncertainty as to the long-term value of our common stock. 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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