Skyworks closes the Qorvo merger and becomes a larger supplier of phone radio chips

Skyworks closed its merger with Qorvo before the market opened on Monday. It keeps the Skyworks name and the SWKS ticker.

The two companies sell the chips a phone uses to send and receive a radio signal. Skyworks said the close creates a U.S.-based leader in radio-frequency, power-management, and analog and mixed-signal chips.

Phil Brace, the chief executive, said at a Goldman Sachs conference on September 10 that the merged company should have a mobile business of roughly $5.5 billion and a business outside phones of $2.5 billion to $2.6 billion.

Fitch estimated on August 4, before the close, that Apple accounted for about two-thirds of Skyworks' fiscal 2026 revenue, and that the merger would take that share below 60%. That is Fitch's estimate, not a figure Skyworks has reported.

Each Qorvo share receives $32.50 in cash and 0.960 of a Skyworks share, the terms the companies announced on October 28, 2025. People who already owned Skyworks hold about 63% of the merged company, and Qorvo shareholders hold about 37%.

Friday was Qorvo's last session. Nasdaq halted the shares after that day's after-hours trading and keeps them halted today, before suspending trading on Tuesday.

Qorvo's last close, $114.17 on Friday, was four cents above the $114.13 that the cash and stock were worth at Friday's Skyworks close of $85.03.

At 9:41 a.m. Eastern time, Skyworks was at $82.69, down 2.8% from that close. The cash does not move, so the package a Qorvo holder is due was worth $111.88, $2.25 less than Friday's $114.13.

Skyworks had already fallen 4.8% over the prior week, from $89.34 on September 25.

"Together, we are well positioned to deliver more integrated, system-level solutions and accelerate the next generation of connected technologies," Brace said.

Skyworks expects at least $500 million a year in cost savings within 24 to 36 months, once the two businesses are fully combined. It also expects the merger to add to non-GAAP earnings per share right away.

In August, Skyworks sold $2 billion of notes and used the proceeds toward the cash portion of the merger.

Brace remains chief executive and president, and three former Qorvo directors, Bob Bruggeworth, Richard Clemmer and Chris Koopmans, have joined the board.

Skyworks was already in the S&P 500, and before Tuesday's open the S&P SmallCap 600 replaces Qorvo with Olin, a swap S&P Dow Jones announced on Thursday, October 1.

The iShares Semiconductor ETF ASOXX, a fund of the 30 largest U.S.-listed semiconductor companies, and the VanEck Semiconductor ETF ASMH, a fund of 25 listed semiconductor companies, did not hold either stock.

The State Street SPDR S&P Semiconductor ETF AXSD tracks the S&P Semiconductor Select Industry Index and holds semiconductor stocks at roughly equal weight. As of Sunday, October 4, it had 2.48% in Skyworks and 2.43% in Qorvo.

Under S&P Dow Jones Indices' rules for that index, Qorvo is dropped and Skyworks' index shares stay the same, so Skyworks' weight does not jump by the full size of the Qorvo stake. The weights of the remaining stocks rise in proportion, and the index resets them after the close on the third Friday of December.

The first test of whether Apple's share falls below 60%, as Fitch estimated before the close, is the guidance Skyworks gives on Tuesday, November 3.