Skyworks to Close Qorvo Combination Within Calendar Year
The analog and mixed-signal semiconductor maker said regulatory approvals are progressing and it is preparing to close as early as within the fiscal year.
Skyworks Solutions, Inc. (SWKS) said it is now optimistic that it can close its pending combination with Qorvo, Inc. (QRVO) within the calendar year and that it will be preparing to close during the fiscal year.
The analog and mixed-signal semiconductor company had originally expected the cash-and-stock deal to close in early calendar 2027, subject to regulatory approvals and customary closing conditions, including shareholder approvals. The latest update tightens that window after a run of regulatory and financing steps through the summer.
Under the merger agreement dated October 27, 2025, each outstanding share of Qorvo common stock will convert into 0.960 shares of Skyworks common stock plus $32.50 in cash, subject to withholding. The structure was described at announcement as a cash-and-stock transaction intended to create a U.S.-based leader in high-performance radio frequency, analog, and mixed-signal semiconductors.
Skyworks reported third fiscal-quarter revenue of $935 million, with GAAP diluted earnings of $0.22 a share and non-GAAP diluted earnings of $1.08 a share for the period ended July 3, 2026. Chief Executive Phil Brace said the quarter was solid, with revenue and earnings above expectations, and that mobile performed well on healthy demand while Broad Markets posted another year-over-year gain led by double-digit increases in automotive and data center.
The company said it anticipates raising approximately $2 billion of acquisition debt financing and announced a new capital allocation framework for the combined company, including a new $2 billion stock-repurchase authorization. It also named an expected leadership team for the combined company.
In May, Skyworks commenced exchange offers and consent solicitations for Qorvo’s 4.375% senior notes due 2029 and 3.375% senior notes due 2031, offering up to $850 million of new 2029 Skyworks notes and up to $700 million of new 2031 Skyworks notes. Those offers were conditioned on closing of the mergers, a condition Skyworks said could not be waived. By the June 11 early-participation date, 89.42% of the 2029 notes and 93.05% of the 2031 notes had been validly tendered, and Skyworks said it had received the requisite consents to amend the indentures.
Qorvo, a provider of connectivity and power solutions, reported fiscal 2027 first-quarter revenue of $784.8 million and said it has discontinued conference calls and forward-looking guidance given the pending transaction with Skyworks. President and Chief Executive Bob Bruggeworth said the June quarter was supported by double-digit year-over-year revenue growth in D&A, infrastructure, and power, and a pivot in ACG to higher-value placements. The company continued to expect non-GAAP gross margin above 50% for full-year fiscal 2027 and now expects non-GAAP diluted earnings above $7.00.
Closing remains subject to satisfaction or waiver of all closing conditions. Skyworks said it will be preparing to close during the fiscal year.