TLDR
- Skyworks Solutions will acquire Qorvo in a $22 billion stock-and-cash deal to create a major radio-frequency chip supplier
- Qorvo shareholders will receive $32.50 cash and 0.960 Skyworks shares per share, representing a 14.3% premium
- The merger combines two leading Apple suppliers who make radio chips for smartphones and other devices
- Activist investor Starboard Value, which owns 8.9% of Qorvo, has approved the deal
- The transaction is expected to close in early 2027 pending shareholder and regulatory approvals
Skyworks Solutions will acquire Qorvo in a deal that creates a combined company worth $22 billion. The two firms announced the merger on Tuesday, October 28, 2025.
Under the agreement, Qorvo shareholders will receive $32.50 in cash and 0.960 shares of Skyworks stock for each Qorvo share they own. This values each Qorvo share at $105.31, which is 14.3% higher than Monday’s closing price.
The deal values Qorvo at $9.76 billion. Both companies’ stocks rose approximately 12% in pre-market trading following the announcement.
The merger brings together two major suppliers of radio-frequency chips to Apple and other smartphone manufacturers. Skyworks designs analog and mixed-signal chips used in wireless communication, automotive, industrial and consumer electronics.
Qorvo provides connectivity and power solutions for similar markets. Together, the companies will form a mobile business with $5.1 billion in revenue.
Leadership and Ownership Structure
Skyworks CEO Phil Brace will lead the merged company. Qorvo CEO Bob Bruggeworth will join the board of directors.
After the deal closes, Skyworks shareholders will own about 63% of the combined company. Qorvo shareholders will own the remaining 37% on a fully diluted basis.
The board will consist of eight directors from Skyworks and three from Qorvo. Both companies have agreed not to seek other acquisition offers during the merger process.
Regulatory Timeline and Approval
The companies expect the transaction to close in early 2027. The deal requires approval from shareholders of both companies and regulatory agencies.
The merger may face antitrust scrutiny because it combines two leading U.S. makers of radio-frequency chips for smartphones. The companies said their largest customers have expressed approval of the merger.
Activist investor Starboard Value, which owns approximately 8.9% of Qorvo, has signed off on the deal. Starboard had pushed for changes at Qorvo earlier in 2025 to improve the company’s share price.
In April, Qorvo added two independent directors to its board in response to Starboard’s activism. The Information reported that merger talks between the companies took place over the past few months.
Both companies released preliminary quarterly results on Tuesday that exceeded Wall Street expectations. Skyworks is based in Irvine, California, while Qorvo is headquartered in Greensboro, North Carolina.
Apple has been developing its own radio chips, first introduced in the iPhone 16e earlier in 2025. This could reduce Apple’s dependence on suppliers like Skyworks and Qorvo over time.
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