Skyworks Solutions and Qorvo announced a cash-and-stock merger to form a ~$22B radio-chip leader focused on high-performance RF front-end (RFFE), analog and mixed-signal solutions. The boards approved the deal; closing is targeted for early 2027 pending shareholder and regulatory approvals. Skyworks holders will own ~63% of the combined company; Qorvo ~37%. Reuters+2Yahoo Finance+2

Deal snapshot (money, structure, timeline)

1. Headline value: ≈ $22 billion enterprise value for the combined entity. Barron's+1
2. Consideration to Qorvo holders: $32.50 in cash + 0.96 Skyworks shares per Qorvo share. Yahoo Finance+1
3. Ownership split: Skyworks 63% / Qorvo 37% post-close. AP News+1
4. Leadership: Phil Brace (Skyworks CEO) to lead; Bob Bruggeworth (Qorvo CEO) to join the board. AP News
5. Closing target: Early 2027 (regulatory + shareholder approvals). Starboard Value (≈8% of Qorvo) signed a voting agreement in favor. Qorvo
6. Financials provided: Pro-forma revenue ≈ $7.7B, adj. EBITDA ≈ $2.1B; management pointing to >$500M cost synergies in 24–36 months and immediate non-GAAP EPS accretion post-close. Investors.com+1
7. Credit view: Fitch affirmed Skyworks BBB+ post-announcement; Outlook: Negative pending integration and leverage path. Fitch Ratings

What they’re building (and why it’s timely)

Thesis: Scale up U.S.-based RF to serve smartphones, 5G/6G infrastructure, Wi-Fi/BT connectivity, defense/aerospace, automotive, IoT and emerging AI-adjacent radios—with a larger catalog and tighter module integration.

Combined portfolio pillars

1. Mobile RFFE modules: PAs, LNAs, filters/duplexers, antenna tuners, switches, diversity modules—optimized for Apple/Android flagships and high-tier China OEMs. The pair already sell into iPhone; consolidation strengthens bargaining power and SKU breadth as Apple continues internal modem/RFFE work. Investors.com
2. Infrastructure & defense RF: GaN power amplifiers, Doherty lineups, BAW/SAW filters, and microwave/mmWave for 5G Massive MIMO and defense radars—Qorvo’s long suit plus Skyworks’ high-performance analog. Semiconductor Today
3. Connectivity & mixed-signal: Wi-Fi/BT FEMs, GPS/GNSS front-ends, power management, and precision analog to support edge/IoT designs and AI client PCs/handsets that need RF coexistence without killing battery life. Barron's

Why now?

1. OEM consolidation pressure & in-house designs (notably Apple) require bigger R&D budgets and system-level modules rather than point chips. Investors.com
2. 6G and satellite-to-device roadmaps pull in mmWave, GaN, BAW expertise and advanced packaging; scale helps fund process/packaging migrations. Semiconductor Today
3. Geopolitics/supply resiliency: A larger U.S. RF champion can position better in government/defense programs and multi-sourcing dialogues with foundries/OSATs.

Where the combined company is strongest

1. Premium smartphone RFFE
2. Deep customer relationships + higher integration at the module level; bargaining leverage in sockets against vertical peers. Investors.com
3. GaN for infrastructure/defense
4. Qorvo’s GaN RF power + Skyworks’ analog integration gives credible end-to-end lineups for base stations and radar. Semiconductor Today
5. Filter breadth (BAW/SAW) + switching/tuning
6. Combining portfolios improves carrier aggregation and band proliferation support without exploding BOM or board area. Semiconductor Today
7. IP scale and engineering depth
8. ~8,000 engineers/experts and >12,000 issued/pending patents post-merger—fuel for faster platform refresh and cross-selling. Semiconductor Today

Competitive landscape—who they have to beat

1. Broadcom (AVGO) – The iPhone RFFE heavyweight with deep custom engagements, high-end filters, and connectivity; formidable in Wi-Fi/BT combo silicon. The new Skyworks-Qorvo must defend/expand Apple and Android share amid this juggernaut.
2. Qualcomm (QCOM) – RFFE + modem integration gives it a system advantage in Android (and any future Apple modem win). Tight coupling of baseband + RFFE is hard to unseat.
3. Murata / TDK-EPCOS – Filter and module specialists with massive scale into Japanese and global OEMs; excel at size/efficiency and cost.
4. NXP / Infineon / ADI – Strong in automotive RF, industrial, and power; in infrastructure radios they compete in RF power and transceivers.
5. Chinese RF vendors (e.g., Maxscend, Vanchip) – Rising in the mid/low tiers, especially in China Android ecosystem; price pressure risk over time.

(Competitor mix synthesized from deal reporting and segment positioning.) Investors.com+1

Synergies & integration—what to watch

1. $500M+ cost synergies (24–36 months): expect footprint rationalization (fab/test/OSAT), supply chain harmonization, and platform unification (shared PA/filter/switch subsystems). Execution quality will drive whether EPS accretion meets guidance. Stock Titan
2. Customer concentration risk: Apple exposure is material for both firms; diversifying Android + non-handset segments (infrastructure, auto, defense, IoT) is key. AppleInsider
3. Regulatory pathway: RF is strategic but fragmented; antitrust scrutiny likely focuses on mobile RFFE share and filter supply. Closing is slated for early 2027—a long runway. Qorvo
4. Balance sheet & ratings: Fitch’s BBB+ with Negative Outlook highlights integration/leverage watch-items; synergy delivery and cash generation will set the tone. Fitch Ratings

Bottom line—for semiconductor professionals

1. For RF designers: expect faster module roadmaps (more bands, tighter coexistence) and broader reference designs; also expect consolidated vendor toolflows and deeper NPI pipelines.
2. For packaging/test: more SiP consolidation (PA + filters + switches + PMIC), tighter thermal envelopes, and complex ATE coverage for multi-die modules.
3. For buyers/PMs: a bigger U.S. supplier with negotiating scale—but maintain dual-sourcing where possible as integration proceeds through 2027.
4. For competitors: the bar just rose on BAW capacity, GaN investment, and module-level system engineering.

If executed well, Skyworks + Qorvo could become the default non-baseband-tied RFFE partner for premium phones and a more credible GaN/RF power supplier into infrastructure and defense—counter-weighting Broadcom and Qualcomm at the top end.

Sources

1. Reuters: Apple suppliers Qorvo & Skyworks to merge, $22B radio-chip giant; terms & close timing. Reuters+1
2. AP / IBD: Consideration mix ($32.50 cash + 0.96 SWKS/share), 63%/37% split, $7.7B revenue, $2.1B adj. EBITDA, mobile revenue mix. AP News+1
3. Company press releases: Boards approved, early-2027 close, Starboard voting agreement. Qorvo+1
4. SEC 425 filing: synergies >$500M (24–36 months); EPS accretion messaging. Stock Titan
5. Fitch Ratings: BBB+ affirmed; Outlook Negative post-announcement. Fitch Ratings
6. Semiconductor Today / OCBJ: engineering headcount, patent pool, strategic scope. Semiconductor Today+1