Skyworks Secures All Regulatory Clearances for Qorvo Merger, Targets Oct. 5 Close

Skyworks Solutions said Wednesday that it has received all necessary regulatory clearances for its planned merger with Qorvo and now expects the deal to close on or about October 5. The companies still must satisfy or waive the remaining customary closing conditions, so the date is a target rather than a completed closing.

The September 30 announcement removes the regulatory review that had been one of the principal outstanding requirements under the merger agreement. Skyworks did not identify which regulator supplied the final clearance or spell out whether any particular regulator imposed conditions, so the public record supports the broader statement that the required clearances are in, not a claim about a specific agency delivering the last approval.

Regulatory review is no longer blocking the merger

The regulatory process had been material enough to extend the timetable well beyond the companies’ initial planning assumptions. In February, both Skyworks and Qorvo disclosed that they had received requests for additional information from the U.S. Federal Trade Commission under the Hart-Scott-Rodino antitrust process. Their merger agreement also required approvals under other antitrust and foreign-investment regimes before the deal could close.

Shareholders had already cleared their part of the process. Qorvo shareholders approved the merger agreement on February 11, while Skyworks shareholders approved the related issuance of Skyworks stock needed to complete the merger. That left regulatory review and the other customary conditions as the main remaining steps.

The timing has tightened considerably since the agreement was announced. When Skyworks and Qorvo unveiled the merger in October 2025, they said they expected a closing in early calendar 2027, subject to approvals and other conditions. By July, Skyworks said regulatory approvals were progressing and that it was optimistic about closing within 2026. The September 30 update moves that expectation forward again, to a closing on or about October 5.

Cash, stock and financing are already lined up

Under the terms announced by Skyworks and Qorvo, each Qorvo share is due to convert into the right to receive $32.50 in cash plus 0.960 of a Skyworks common share. The companies said that structure implied a combined enterprise value of approximately $22 billion based on market prices when the agreement was signed. After closing, existing Skyworks shareholders are expected to own about 63% of the combined company and former Qorvo shareholders about 37%, on a fully diluted basis.

Skyworks has also taken concrete steps to fund the cash portion. In August it issued $2 billion of senior notes across three maturities and said the proceeds, together with cash on hand, were intended to finance approximately $3 billion of cash consideration for the merger. The financing consisted of $800 million of 5.000% notes due 2028, $600 million of 5.750% notes due 2032 and $600 million of 6.250% notes due 2036.

Separately, Skyworks has been preparing to assume Qorvo’s outstanding debt through exchange offers tied to the closing. As of September 25, holders had tendered 91.68% of Qorvo’s $850 million of 4.375% senior notes due 2029 and 93.33% of its $700 million of 3.375% senior notes due 2031, according to Skyworks. The expiration date for those exchange offers was extended to October 2, placing another pre-close milestone just days before the companies’ current target closing date.

The merger will reshape Skyworks’ scale and product mix

The strategic case presented by the companies centers on scale in radio-frequency, analog and mixed-signal semiconductors. At announcement, Skyworks and Qorvo said the combined business would have about $7.7 billion of pro forma revenue and $2.1 billion of adjusted EBITDA, using trailing figures available at the time. They also projected a $5.1 billion mobile business alongside a $2.6 billion broad-markets platform spanning areas such as defense and aerospace, automotive, edge devices and data-center applications.

Management has also set a cost target for the post-closing business. Skyworks and Qorvo said they expected at least $500 million of annual cost savings within 24 to 36 months after closing. Those estimates remain management forecasts rather than realized results, and the companies will still have to execute the operating changes needed to achieve them.

Leadership arrangements were announced in advance. Skyworks chief executive Phil Brace is set to remain chief executive of the combined company, while Qorvo chief executive Bob Bruggeworth is expected to join the board. The companies previously said the combined board would have 11 directors, with eight coming from Skyworks and three from Qorvo.

The final regulatory announcement does not mean the merger has legally closed, and the companies were careful to preserve that distinction. Remaining customary conditions must still be satisfied or waived. If those steps are completed as planned, October 5 would bring an end to the approval process that began with the merger agreement nearly a year ago and move the two semiconductor businesses into the operational phase of becoming one company.