Qorvo and Skyworks to merge
Qorvo, known for its RF expertise and GaAs/GaN processes, and Skyworks, a maker of analogue and mixed-signal semiconductors, have agreed to combine the two companies in a cash-and-stock transaction that values the joint US-based enterprise at approximately $22 billion.
“This combination marks an important milestone for our industry and for Skyworks,” said Phil Brace, CEO and president of Skyworks. “Combining Skyworks’ and Qorvo’s complementary portfolios and world-class engineering teams will strengthen our ability to meet growing customer demand across mobile and diversified broad markets. With enhanced scale, a more diversified customer base and operational synergies, we can bring even greater innovation to our customers and sustainable value to our shareholders.”
“Qorvo and Skyworks share a culture of innovation and a commitment to solving our customers’ most complex challenges,” said Bob Bruggeworth, CEO and president of Qorvo. “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 defence and aerospace, edge IoT, AI data centre, automotive and other industries powered by secular growth trends.”
With combined pro forma revenue of approximately $7.7 billion and Adjusted EBITDA of $2.1 billion, the view is that the combined 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 combined company also has over 12,000 issued and pending patents, which should enable faster development of system-level solutions and new design-win opportunities, according to the press announcement.
Under the terms of the agreement, Qorvo shareholders will receive $32.50 in cash and 0.960 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 billion4.
The boards of directors of both companies have unanimously approved the transaction, which is expected to close in early calendar year 2027, subject to the receipt of required regulatory approvals, approval of Skyworks shareholders and Qorvo shareholders and other closing conditions.
