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ON Semiconductor (ON) Stock Spiked on Possible Fairchild Semiconductor Deal

NEW YORK (TheStreet) -- ON Semiconductor (ON - Get Report) stock closed higher by 7.08% to $10.74 on Wednesday, as it begins discussions with Fairchild Semiconductor (FCS) about a possible acquisition, sources told Bloomberg.

Infineon Technologies (IFNNY) is also in talks with Fairchild Semiconductor about a possible merger, but the discussions might not necessarily result in a deal for either company, according to Bloomberg.

The semiconductor industry has had mergers and acquisitions totaling $110 billion so far this year, as companies try to combat higher production costs and a shrinking consumer base, Bloomberg reports.

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Fairchild had a market value of about $1.63 billion at the market close on Wednesday.

ON Semiconductor, based in Phoenix, offers a portfolio of analog, digital and mixed signal ICs, image sensors and custom devices for customers to solve their design challenges in electronic systems and products.

Separately, TheStreet Ratings team rates ON SEMICONDUCTOR CORP as a Hold with a ratings score of...