Skyworks completes $22 billion Qorvo acquisition in all-stock-and-cash merger
The RF semiconductor deal, funded through $2 billion in bonds with a Goldman Sachs bridge facility as an unused backup, combines two major suppliers and creates a $7.7 billion revenue company with…
Skyworks Solutions completed its acquisition of Qorvo on October 5, 2026, concluding a year-long process that began when the two companies announced their merger on October 27, 2025. The all-stock-and-cash transaction, valued at approximately $22 billion in enterprise value, combines two of the RF semiconductor industry's largest suppliers and restructures the competitive landscape for chips that handle wireless signals across mobile phones, defense systems, automotive networks, and data centers.
Under the agreed terms, Qorvo shareholders received 0.960 Skyworks common shares plus $32.50 in cash per share held. The consideration valued Qorvo at $105.31 per share at announcement, representing a 15.14 percent premium over its 30-trading-day volume-weighted average price as of October 27, 2025. Skyworks' stock price movements between announcement and closing adjusted the implied per-share value downward to approximately $96.22 by mid-December 2025, a dynamic inherent to fixed-ratio stock deals.
Deal Structure and Financing Approach
The merger deployed a two-step structure in which Skyworks' wholly owned subsidiary Comet Acquisition Corp. merged with Qorvo, with the surviving corporation then merging into a second Skyworks subsidiary, Comet Acquisition II LLC.
Skyworks funded the cash component through $2 billion in senior debt issued in August 2026. The bond issuance consisted of three tranches with escalating yields: $800 million in 5.000 percent senior notes due 2028, $600 million in 5.750 percent notes due 2032, and $600 million in 6.250 percent notes due 2036.
Goldman Sachs Bank USA provided a $3.05 billion senior unsecured bridge term loan commitment under Skyworks' commitment letter dated October 27, 2025. The bridge facility was structured to finance a portion of the cash portion of merger consideration, refinance Qorvo's existing credit agreements, and cover transaction fees and expenses. Importantly, Skyworks never drew the facility, instead relying on the August bond issuance and existing resources.
Combined Business and Strategic Rationale
Skyworks develops analog and mixed-signal semiconductors for aerospace, automotive, broadband, cellular infrastructure, and consumer electronics markets. Qorvo supplies RF semiconductor solutions for automotive, consumer, defense and aerospace, industrial, infrastructure, and mobile segments. The combination unites complementary product lines and engineering teams, creating a broader platform for RF and analog applications.
The combined entity has pro forma annual revenue of $7.7 billion and pro forma adjusted EBITDA of $2.1 billion, with revenue divided between a $5.1 billion mobile business and a $2.6 billion diversified broad markets platform. The business serves markets experiencing divergent growth patterns: mobile faces mature saturation, while defense, aerospace, automotive, edge IoT, and AI data center applications are expanding.
The merger targets these secular growth trends by expanding Skyworks' presence beyond its mobile-dependent revenue base into higher-growth segments. The combined company brings together complementary intellectual property portfolios to support innovation across RF, analog, mixed-signal, and power management technologies.
Skyworks projects achieving $500 million or more in annualized cost synergies within 24 to 36 months of the closing.
Regulatory Path and Shareholder Approval
The transaction required approval from both companies' shareholders at special meetings held on February 11, 2026, with Qorvo shareholders voting on the merger agreement and Skyworks shareholders approving the stock issuance. The year between announcement (October 27, 2025) and closing (October 5, 2026) accommodated regulatory review under antitrust law, including Hart-Scott-Rodino filing requirements in the United States.
Having obtained all required regulatory clearances, the companies closed the transaction on October 5.
“The combined company has pro forma annual revenue of $7.7 billion and pro forma adjusted EBITDA of $2.1 billion, with revenue divided between a $5.1 billion mobile business and a $2.6 billion diversified broad markets platform serving defense, aerospace, automotive, and data center markets.”
Ownership and Market Implications
Upon closing, legacy Skyworks shareholders retained approximately 63 percent ownership of the combined company on a fully diluted basis, while former Qorvo shareholders held approximately 37 percent. Phil Brace continued as president and CEO. The combined company trades under the SWKS ticker on the NASDAQ and remains part of the S&P 500.
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