TLDR
- SWKS stock surged 9.79% to close at $84.03, up from a prior close of $76.54
- CEO Phil Brace said at a Goldman Sachs conference the $22B Qorvo merger is in its final stages and expected to close by end of year
- Under the deal, Qorvo shareholders get $32.50 cash plus 0.960 SWKS stock per share; Skyworks shareholders will own ~63% of the combined company
- The merged entity would have combined pro-forma revenue of ~$7.7 billion and Adjusted EBITDA of $2.1 billion
- Q3 net income fell 67.7% year-over-year to $33.9 million, though results beat company expectations
Skyworks Solutions stock jumped 9.79% on Thursday, closing at $84.03, after CEO Phil Brace told attendees at the Goldman Sachs Communacopia and Technology Conference in San Francisco that the company’s planned merger with Qorvo is in the final stages.
Skyworks Solutions, Inc., SWKS
Brace confirmed the deal is expected to close before the end of 2026. The conference appearance was webcast live, scheduled for 2:25 p.m. PDT, and gave management a direct line to investors at a key moment.
The move pushed SWKS well above its prior close of $76.54, toward the upper end of its 52-week range of $51.93 to $90.90.
Qorvo also gained on the news, with QRVO rising 6.77% on the day.
The Merger Details
The deal, first announced in October 2025, is structured as a cash-and-stock transaction valued at $22 billion. Qorvo shareholders will receive $32.50 in cash and 0.960 SWKS stock per share at closing.
Once complete, Skyworks shareholders will own roughly 63% of the combined company, with Qorvo stockholders holding the remaining 37%.
Brace will lead the combined entity as CEO. Qorvo President and CEO Bob Bruggeworth is set to join the board of directors.
The merged company is projected to have combined pro-forma revenue of approximately $7.7 billion and Adjusted EBITDA of $2.1 billion, competing against larger global semiconductor players.
Skyworks has also been extending exchange offers for Qorvo’s outstanding senior notes as the deal advances through its final stages.
Q3 Results and Institutional Interest
Skyworks reported a steep 67.7% drop in net income for the third quarter of fiscal 2026, ending June, falling to $33.9 million from $105 million in the same period last year.
Net revenues dipped 3.12% year-over-year to $934.8 million, down from $965 million.
Despite the headline declines, Brace noted the figures beat company expectations. He pointed to healthy mobile demand and broad markets growth, with automotive and data center segments posting double-digit year-over-year gains.
Institutional conviction has been building. Hedge fund holdings in SWKS grew 8.5% to $1.517 billion in Q2, up from $1.397 billion the prior quarter, even as the number of hedge funds with positions held steady at 35.
The stock’s move came against a weak market backdrop, with the S&P 500, Nasdaq, and Dow Jones all trading in negative territory on the day. That made the SWKS gain stand out even more.
Brace’s comments at the Goldman Sachs conference represent the most recent public update from management on the timeline and structure of the Qorvo transaction.
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