Skyworks Solutions has agreed to combine with Qorvo, but the merger has not closed. Announced on October 27, 2025, the cash-and-stock transaction was valued at approximately $22 billion in combined enterprise value using market prices that day. As of August 18, 2026, the companies remained separate, the Federal Trade Commission was conducting an extended review, and formal guidance still pointed to closing in early 2027. Skyworks management has said a late-2026 closing is increasingly possible, but that is an aspiration rather than a revised binding date.
The deal would leave Skyworks as the surviving public company and create a broader U.S.-based supplier of radio-frequency (RF), analog, mixed-signal, connectivity, power and related semiconductor products.
What Skyworks and Qorvo actually agreed to
Skyworks is acquiring Qorvo through a merger in which Qorvo shareholders would receive $32.50 in cash plus 0.960 Skyworks common share for each Qorvo share. Existing Skyworks shareholders would own approximately 63% of the combined company on a fully diluted basis; former Qorvo shareholders would own about 37%.
Skyworks chief executive Phil Brace is expected to lead the combined company. Qorvo chief executive Bob Bruggeworth is expected to join its board. The planned board would have 11 directors: eight designated by Skyworks and three by Qorvo. If the transaction closes, Qorvo stock is expected to be delisted from Nasdaq and deregistered, while Skyworks shares would remain listed.
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The announcement describes the transaction as approximately $22 billion of combined enterprise value, based on the companies’ market prices on October 27, 2025. That is not a promise that Skyworks will pay $22 billion in cash, nor is it a statement that the combined company already has a $22 billion market capitalization.
Enterprise value versus what shareholders receive
- Equity value is the value of the shares.
- Enterprise value generally adds debt and other claims to equity value and subtracts cash.
- The announced $22 billion figure is a transaction valuation measure. The value delivered to each Qorvo shareholder will vary because 0.960 of the consideration is Skyworks stock.
The transaction terms are set out in the companies’ announcement and merger documents, including the joint announcement and the SEC-filed merger agreement.
How the stock component changes the payout
The cash portion is fixed at $32.50 per Qorvo share. The stock portion is fixed at 0.960 Skyworks share, so its dollar value rises or falls with Skyworks’ price before closing.
| Illustrative Skyworks price at closing | Value of 0.960 Skyworks shares | Cash | Illustrative total |
|---|---|---|---|
| $80 | $76.80 | $32.50 | $109.30 |
| $100 | $96.00 | $32.50 | $128.50 |
| $120 | $115.20 | $32.50 | $147.70 |
These are arithmetic illustrations, not forecasts or current market prices. They show why the final value of the offer cannot be known from the $22 billion headline alone.
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Why the companies want to combine
More scale in RF and analog chips
Both companies supply RF components and front-end solutions used to transmit and receive wireless signals. Management says the combination would bring together engineering, manufacturing, product-development and customer-support resources across RF, analog, mixed-signal, filters, front-end modules, connectivity and power.
Broader end markets
The stated strategy is to reduce reliance on mobile handsets by pairing Skyworks’ mobile and analog exposure with Qorvo businesses serving defense and aerospace, Wi-Fi and broadband, automotive, industrial and Internet-of-Things applications, infrastructure, power management and emerging high-frequency uses. Transaction materials identify an approximately $5.1 billion mobile business and an approximately $2.6 billion broad-markets platform; those are company-provided figures, not independent forecasts.
Expected cost savings
Management has targeted at least $500 million of annual cost synergies within 24 to 36 months after closing. That is a forward-looking run-rate estimate. It is not the same as cash savings already achieved, and it excludes the uncertainty of restructuring costs, execution problems, customer losses or revenue synergies.
A larger U.S.-based supplier
The companies say greater scale could improve product breadth, customer coverage and competition with larger semiconductor suppliers. Scale can also create integration complexity and less customer choice; it does not automatically produce faster innovation, lower prices or better execution.
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The biggest obstacle is regulatory review
On February 5, 2026, both companies disclosed that the FTC had issued a Second Request. This requires substantial additional information and extends the waiting period for antitrust review. It is an important escalation, but it is not a final rejection or proof that the FTC will sue to block the merger.
The public record confirms the Second Request but does not establish the FTC’s ultimate competitive theory, required remedies or whether assets would have to be sold. Potential areas of scrutiny could include overlapping RF front-end modules, filters, power amplifiers and connectivity products, as well as particular customer programs. RF products are not interchangeable simply because they share a broad category: frequency band, power, process technology, package, qualification and customer design-in all matter.
Because Qorvo also serves defense and aerospace customers, foreign-investment or national-security reviews could matter in addition to antitrust review. The companies could face requests for divestitures, technology licenses or customer-protection commitments, but no such remedy has been verified as required.
Where the deal stood on August 18, 2026
| Date | Event | What it means |
|---|---|---|
| October 27, 2025 | Definitive merger agreement signed | The proposed cash-and-stock transaction became binding, subject to conditions. |
| October 28, 2025 | Public announcement | The companies presented an approximately $22 billion enterprise-value combination. |
| December 2025 | Initial S-4 and proxy materials filed | The securities-registration and shareholder-solicitation process began. |
| February 5, 2026 | FTC Second Request | Antitrust review became more extensive and the timetable lengthened. |
| May 13, 2026 | Skyworks annual-meeting Q&A | Formal guidance remained early 2027; management expressed hope for late 2026. |
| May 29, 2026 | SEC declared the S-4 effective | Registration-statement effectiveness was cleared, but the merger was not completed. |
| June 2026 | Debt exchange offers and consent solicitations | Financing and liability-management preparations continued. |
| July 28, 2026 | Qorvo latest listed 10-Q | A current standalone financial filing; not evidence of closing. |
| August 18, 2026 | Current status | Skyworks and Qorvo remained separate companies and no verified closing had occurred. |
The effective S-4 removed one registration obstacle, but closing still requires regulatory clearances, shareholder approvals and other contractual conditions. The latest formal guidance is documented in Skyworks’ annual-meeting Q&A and its SEC filings.
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Shareholder approvals, financing and termination rights
Approvals still required
Both companies must complete their shareholder processes and satisfy regulatory and other closing conditions in the merger agreement. Until then, they remain separate and independent and continue ordinary-course operations.
Bridge financing and debt preparation
Skyworks disclosed commitments for up to $3.05 billion in senior unsecured bridge term loans to help fund the cash consideration and related expenses, subject to customary conditions. Skyworks also launched exchange offers and consent solicitations for Qorvo senior notes due in 2029 and 2031. Those offers were conditioned on the merger closing and related requirements; they are preparation for financing and post-closing liability management, not proof that the merger has closed. Details appear in Skyworks’ exchange-offer announcement and results release.
New borrowing could increase leverage and interest expense, while issuing Skyworks shares dilutes existing Skyworks holders. The eventual balance-sheet effect will depend on the amount actually borrowed, refinancing terms, cash generation and any regulatory remedy.
Fees if the deal ends
The merger agreement provides termination fees of approximately $298.7 million in specified circumstances. In certain regulatory or antitrust-related termination scenarios, Skyworks may owe Qorvo a separate $100 million fee. These provisions compensate the parties in defined situations; they do not guarantee that the merger will close.
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Who could gain or lose leverage?
Skyworks shareholders
- Potential benefits: broader products and end markets, greater RF and analog scale, expected cost savings, and stronger positions in defense, infrastructure, automotive and industrial markets.
- Risks: share dilution, additional debt, integration costs, regulatory divestitures, customer reaction to consolidation, management distraction and continued mobile weakness.
Qorvo shareholders
- Potential benefits: $32.50 in immediate cash, participation in the combined company through Skyworks shares and exposure to a larger platform.
- Risks: the stock portion fluctuates, closing could take months or fail, and former Qorvo holders would be a minority group with three of 11 expected directors.
Customers
Handset, networking, automotive, industrial and defense customers could gain a broader supplier and fewer vendor relationships to manage. They could also lose an independent source of supply, face reduced negotiating leverage, or need to requalify products if overlapping lines are changed. Skyworks and Qorvo are both associated with Apple’s supply chain, making the deal relevant to Apple’s sourcing strategy, but there is no verified evidence that Apple endorsed the merger or will change its purchasing plans.
Employees
Overlapping corporate, sales, engineering, manufacturing and administrative functions could create restructuring pressure after closing. The companies had not established a complete public workforce plan in the materials reviewed, so specific layoff or facility-closure claims would be speculation.
What investors should watch next
- FTC responses, including any clearance, lawsuit, negotiated remedy or further delay.
- Foreign-investment, national-security and other regulatory approvals.
- Skyworks and Qorvo shareholder-meeting results and any amended proxy or S-4 filings.
- Results and final terms of the Qorvo debt exchange offers.
- Any disclosed divestitures, licensing commitments or customer-protection measures.
- A formal change to the early-2027 guidance or a definitive closing announcement.
Official updates are available through SEC EDGAR, Skyworks investor relations and Qorvo investor relations.
Common misconceptions
- “The merger already happened.” No. The agreement was signed and the S-4 became effective, but the companies remained separate as of August 18, 2026.
- “Skyworks is paying $22 billion in cash.” No. The figure is approximate combined enterprise value and the consideration includes Skyworks shares.
- “The Second Request means the FTC rejected it.” No. It means the FTC requested more information.
- “Late 2026 is the new closing date.” Not verified. It was management’s hopeful scenario; formal guidance remained early 2027.
- “The $500 million synergy target is guaranteed.” No. It is a management estimate that depends on successful integration.
The Bottom Line
Skyworks-Qorvo is a significant proposed semiconductor combination, not a completed merger. The economics combine $32.50 of cash with 0.960 Skyworks share per Qorvo share, while the roughly $22 billion headline refers to enterprise value. The decisive uncertainties are the FTC’s extended review, shareholder and other approvals, financing and the companies’ ability to integrate overlapping businesses without losing customers or missing the projected savings.
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