Skyworks and Qorvo merge in $22 billion semiconductor deal

Skyworks Solutions (SWKS) shares soared 19%, while Qorvo (QRVO) jumped 17%, after the companies announced a cash-and-stock merger valued at approximately $22 billion.

The move creates one of the largest analog and mixed-signal semiconductor manufacturers, expanding both firms’ reach across wireless connectivity, 5G infrastructure, and mobile device markets.

Deal structure

Qorvo shareholders will receive $32.50 in cash and 0.960 Skyworks shares for each Qorvo share held.
The combined entity will be majority-owned by Skyworks shareholders (≈63%), with Qorvo holders owning ≈37%.
The merger will combine Skyworks’ RF and power management capabilities with Qorvo’s advanced filter and connectivity technologies.

Strategic rationale

The merger aims to:

Strengthen product offerings across wireless, IoT, and automotive markets.
Improve scale and cost efficiencies in a challenging semiconductor demand environment.
Position the new entity to better compete with Broadcom, Qualcomm, and Texas Instruments in the analog chip space.

Analysts say the deal could create a powerful mid-cap analog chip competitor, especially in smartphone and 5G component supply chains.

Market reaction

Following the announcement:

Skyworks (SWKS) rose 19% on optimism around scale and synergy.
Qorvo (QRVO) rallied 17%, reflecting enthusiasm over the deal’s premium and future growth potential.