Skyworks completes Qorvo combination, targets $500M+ cost synergies

Skyworks (SWKS) announced the successful completion of its combination with Qorvo. The deal creates a larger RF semiconductor company with ~8,000 engineers and over 12,000 patents. Expected annual cost synergies of $500M+ within 24-36 months. Immediately accretive to non-GAAP EPS. Qorvo shareholders received $32.50 cash and 0.960 SWKS shares per Qorvo share. Legacy SWKS shareholders own ~63% of combined company. Phil Brace remains CEO. Financial guidance on Nov. 3.