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Apple suppliers Skyworks and Qorvo agree to merge into $22 billion radio-chip giant

MacDailyNews

Oct 28

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On Tuesday, Skyworks Solutions announced its acquisition of smaller rival Qorvo in a stock-and-cash deal, creating a $22 billion combined entity that supplies radio-frequency chips to Apple and several iPhone knockoff peddlers.

The transaction, which will establish one of the largest U.S. providers of radio-frequency chips, seeks to capitalize on the growing smartphone market, even as Apple shifts toward developing its own in-house chips.

Skyworks CEO Phil Brace will serve as the CEO of the combined company while Qorvo chief Bob Bruggeworth will join the board.

Reuters:
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Qorvo shareholders will receive $32.50 in cash and 0.960 of Skyworks stock for each share held.
The total offer price of $105.31 represents a 14.3% premium to Qorvo’s Monday close, valuing the company at $9.76 billion.
Skyworks designs and manufactures analog and mixed-signal chips used in wireless communication, automotive, industrial and consumer electronics.
Apple’s efforts to develop its own radio chips, first unveiled in the iPhone 16e earlier this year, could eventually reduce its dependence on suppliers such as Skyworks and Qorvo, weighing on their long-term sales prospects.

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MacDailyNews Note: Apple’s N1 is used in iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and iPhone Air. It incorporates Wi-Fi 7, Bluetooth 6, and Thread into one chip, boosting the performance and reliability of features like AirDrop and Personal Hotspot.

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