Skyworks, Qorvo Agree $22B Merger

Skyworks Solutions and Qorvo agreed to merge in an approximately $22 billion cash-and-stock transaction in which Qorvo shareholders will receive $32.50 in cash plus 0.96 Skyworks shares, leaving Skyworks owners with about 63% and Qorvo owners about 37 of the combined company; the deal is expected to close in early 2027 subject to regulatory and shareholder approvals. The combined business is projected to produce roughly $7.7 billion in pro forma revenue and $2.1 billion in adjusted EBITDA, with a $5.1 billion mobile business and a $2.6 billion Broad Markets platform, and management expects about 1.0x pro forma net leverage at close. The companies are targeting at least $500 million of annual cost synergies within 24–36 months, and Skyworks has secured debt financing commitments (including from Goldman Sachs) and will use cash on hand to help fund the transaction. Skyworks CEO Phil Brace will lead the merged company, Qorvo CEO Bob Bruggeworth will join the board, and executives said the combination will diversify exposure into defense, aerospace, edge IoT, AI data-center and automotive markets while addressing rising RF complexity and Apple’s in‑house wireless work. Shares of both companies jumped roughly 11–12% after the announcement, both firms preannounced September-quarter results above guidance, and the transaction still faces antitrust and cross-border regulatory review and near-term questions about factory operations and jobs, including Qorvo facilities in Hillsboro and Greensboro.