Skyworks Completes Merger with Qorvo, Expects $500 Million in Annual Cost Synergies

en.Wedoany.com Reported - On October 5, U.S. semiconductor company Skyworks completed its merger transaction with Qorvo. Under the merger agreement, Qorvo shareholders will receive $32.50 in cash plus 0.960 shares of Skyworks common stock for each share of Qorvo common stock they hold. Upon completion of the transaction, former Skyworks shareholders hold approximately 63% of the combined company on a fully diluted basis, while former Qorvo shareholders hold approximately 37%.

The combined company will continue to operate under the Skyworks name and continue trading on Nasdaq under the ticker SWKS. Phil Brace continues to serve as the company's Chief Executive Officer and President; former Qorvo Chief Executive Officer Bob Bruggeworth, along with Richard Clemmer and Chris Koopmans, have joined the Skyworks board of directors.

The two companies' product portfolios will cover RF, power management, analog and mixed-signal semiconductors. The combined company has approximately 8,000 engineers and more than 12,000 granted and pending patents, with operations spanning mobile communications, defense and aerospace, data center and networking, automotive, physical AI and edge connectivity, among other areas.

In terms of product technology, Qorvo's RF gallium nitride, low-voltage power and wired broadband products will be integrated into Skyworks' existing RF front-end, analog and connectivity product lines. Skyworks stated that the combined company's serviceable addressable market will more than double.

Skyworks expects to achieve at least $500 million in annual cost synergies within 24 to 36 months after the completion of the transaction and business integration. The company also expects the transaction to be immediately accretive to non-GAAP earnings per share and plans to provide new financial guidance when it reports fourth-quarter results on November 3.

Prior to the closing, Skyworks obtained all regulatory approvals required to complete the transaction on September 30. The two parties initially announced the cash-and-stock merger plan on October 28, 2025.

Following the completion of the transaction, Skyworks is simultaneously proceeding with an exchange offer for Qorvo's outstanding bonds. As of the October 5 expiration, approximately $779.4 million, or 91.70%, of Qorvo's 2029 notes had been tendered for exchange; approximately $647.1 million, or 92.44%, of the 2031 notes had been tendered for exchange.