Skyworks gains as CEO signals $22 billion Qorvo merger nearing close
+13.55% to $90.00 from $79.26
What moved SWKS
- CEO Phil Brace told attendees at the Goldman Sachs Communacopia & Technology Conference that Skyworks is in the final stages of closing its merger with Qorvo after successfully passing US regulatory reviews, with the deal expected to close within the current fiscal year.
- Skyworks was among the S&P 500’s top gainers in Tuesday’s session, with the move also linked to positive sentiment following Apple’s newly unveiled iPhone lineup, an end market for Skyworks’ RF chips.
- Under the merger terms, Qorvo shareholders are set to receive $32.50 in cash plus 0.960 Skyworks shares apiece, with Skyworks holders retaining roughly 63% of the combined company and Qorvo holders the remaining 37%.
- The combined company, to be led by Brace with Qorvo CEO Bob Bruggeworth joining the board, is expected to have pro-forma annual revenue of about $7.7 billion and adjusted EBITDA of about $2.1 billion.
Sources: Yahoo Finance · TheStreet · Qorvo Investor Relations · Skyworks Investor Relations