Skyworks Solutions (SWKS) M&A Announcement summary

Deal rationale and strategic fit

• Creates a $22B U.S.-based global leader in high-performance RF, analog, and mixed-signal semiconductors, enhancing scale, innovation, and diversification across mobile, defense, aerospace, IoT, AI data center, and automotive markets.

• Merges complementary product and technology portfolios, boosting R&D scale, innovation pipeline, and expanding customer reach.

• Strengthens U.S. manufacturing presence, factory utilization, capital efficiency, and profitability.

• Diversifies revenue base, reducing volatility and increasing growth opportunities in high-growth sectors.

• Supported by major customers and key shareholders, reflecting confidence in the strategic direction.

Financial terms and conditions

• Qorvo shareholders receive $32.50 in cash and 0.960 Skyworks shares per Qorvo share, implying a $22B enterprise value.

• Skyworks and Qorvo shareholders will own approximately 63% and 37% of the combined company, respectively.

• Skyworks will fund the cash portion with cash on hand and new debt; net leverage at closing expected to be 1.0x LTM Adjusted EBITDA.

• Transaction is immediately and meaningfully accretive to non-GAAP EPS.

• Boards of both companies unanimously approved the transaction.

Synergies and expected cost savings

• Expects at least $500M in annual cost synergies within 24–36 months post-close, with more than half from OpEx and the rest from COGS.

• Synergies to be realized through SG&A simplification, manufacturing optimization, and R&D efficiency.

• Front-loaded synergy realization expected, with OpEx savings occurring earlier.

• Transaction expected to be immediately accretive to non-GAAP EPS post-close.