Skyworks to Acquire Qorvo
Skyworks Solutions, a provider of radio frequency chips to Apple and various smartphone manufacturers, engaged in discussions in recent months to acquire competitor Qorvo, according to reports.
Qorvo, with a market capitalization of $8.54 billion based on LSEG data, finished at $92.13 on the Nasdaq.
Skyworks boasts a market capitalization of $11.26 billion, as reported by LSEG, and their website states that they had over 10,000 employees in 2024.
Skyworks Solutions and Qorvo did not promptly reply to inquiries for comments. Reuters was unable to promptly confirm the report.
Skyworks creates and produces analog and mixed-signal semiconductors utilized in wireless communications, automotive, industrial, and consumer electronics. In August, the company projected fourth-quarter revenue and profit to exceed Wall Street expectations, driven by consistent demand for its analog chips.
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In April, Qorvo designated industry veterans Richard Clemmer and Christopher Koopmans as independent directors on its board, in response to activist investor Starboard Value's efforts to enhance the company's struggling share price.
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Starboard nominated its managing member Peter Feld to be elected to the Qorvo board and raised its ownership in the company to roughly 8.9 percent.
Skyworks Solutions, Inc. is a U.S.-based semiconductor firm located in Irvine, California, United States. The company's stock is traded on the Nasdaq Global Select Market with the ticker symbol SWKS and is part of the S&P 500.
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Skyworks Solutions Inc. acquired Axiom Microdevices Inc., a firm specializing in CMOS-based power amplifiers for mobile phones, for an undisclosed sum. On October 5, 2015, Skyworks Solutions finalized an agreement to purchase PMC-Sierra for $2 billion in cash. Nevertheless, Skyworks withdrew from the agreement after being outbid by Microsemi.