Skyworks and Qorvo Announce Merger

Skyworks, a global leader in high-performance analog and mixed-signal semiconductors, and Qorvo, a leading global provider of connectivity and power solutions, have agreed to combine the two companies in a cash-and-stock transaction that values the combined enterprise at around $22 billion to create a US-based, global leader in high-performance radio frequency (RF), analog and mixed-signal semiconductors.

transaction, which is expected to close in early calendar year 2027, subject to the receipt of required regulatory and other approvals.

Under the terms of the agreement, Qorvo shareholders will receive $32.50 in cash and 0.96 of a Skyworks common share for each Qorvo share held at the close of the transaction, which implies a combined enterprise value of approximately $22 billion.

Upon closing, Skyworks shareholders will own approximately 63 percent of the combined company, while Qorvo shareholders will own approximately 37 percent, on a fully-diluted basis. Phil Brace will serve as chief executive officer of the combined company; Bob Bruggeworth will join the Board of Directors of the combined company. The combined company’s Board of Directors will comprise 11 directors, eight from Skyworks and three from Qorvo.

Important Milestone

Skyworks CEO and President Phil Brace said that this merger marks an important milestone as combining the complementary portfolios and world-class engineering teams of both companies will strengthen their ability to meet growing customer demand across mobile and diversified Broad Markets.

Qorvo CEO and President Bob Bruggeworth said that both companies share a culture of innovation and a commitment to solving the customers’ most complex challenges.

“Together with Skyworks, we can accelerate innovation and deliver broader and more comprehensive solutions across numerous growth areas. We are excited to leverage the combined strengths of our teams and product and technology portfolios to build on our capabilities in Mobile and significantly expand our presence in defense and aerospace, edge IoT, AI data center, automotive and other industries powered by secular growth trends,” he added.

Transaction Highlights

The transaction is expected to deliver significant long-term value for customers, employees, and shareholders.

With combined pro forma revenue of approximately $7.7 billion and adjusted EBITDA of $2.1 billion, the new company will be better positioned to compete against larger players – supported by a stronger, more balanced revenue base that enables more predictable performance, a more efficient cost structure and resilient cash generation through cycles.

The merger creates an innovative global RF, analog and power technology company that can provide customers with more highly integrated, complete solutions, as well as a broad range of products and technologies.

The combined company will bring together world-class engineering talent, including approximately 8,000 engineers and technical experts, and over 12,000 issued and pending patents, enabling faster development of advanced, system-level solutions and unlocking new design-win opportunities to meet growing customer demand.

It also brings together complementary RF technologies and best-in-class products, expanding opportunities in Mobile while driving greater revenue stability. The broader portfolio will enhance our competitiveness across platforms, deepen customer integration and diversify our technology base – while strengthening our position to address rising RF complexity.

The transaction creates a $2.6 billion Broad Markets platform with a growing and profitable TAM across defence & aerospace, edge IoT, AI data center and automotive markets. These markets are characterised by attractive secular growth trends, long product life cycles and favourable gross margins.

The transaction is expected to be immediately and meaningfully accretive to non-GAAP EPS post-close, with $500 million or more of annual cost synergies within 24-36 months post-close when the companies are fully integrated. Skyworks plans to fund the cash portion of the transaction using a combination of cash on hand and additional financing.