China clears Skyworks' $22 billion Qorvo purchase ten days after the deal closed

Bob Bruggeworth, the last chief executive of Qorvo·+1.75% — Qorvo, up 1.75 percent as of its last quote, watched his company end on October 5: each Qorvo share became $32.50 in cash and 0.960 of a Skyworks▲+1.78% — Skyworks, up 1.78 percent today share, Nasdaq delisted the stock the same day, and he and two other former Qorvo directors joined the board of the $22 billion combined company ¹²⁵. Both firms make radio-frequency chips, the radios inside phones and other wireless gear ⁵.

China's State Administration for Market Regulation, the deal's last antitrust holdout, cleared the purchase unconditionally in its September 21 to October 4 window, alongside seven other mergers, per a clearance list published today↗ ³. Skyworks had already declared the matter settled on September 30, announcing it had "received all necessary regulatory clearances"↗ ⁴. The list does not date the clearance inside its window: a $22 billion deal closed on October 5 on the strength of a declaration, and the public record that supports it was published ten days later.

The debt trail closed in a week

Holders tendered $779.4 million of Qorvo's 4.375% notes due 2029 and $647.1 million of its 3.375% notes due 2031, roughly 92 percent of each series, and on October 7 Skyworks issued $778.1 million and $646.8 million of matching notes↗ ⁶. Stubs of $70.6 million and $52.9 million stay outstanding at the Qorvo subsidiary ⁶. Filings that close out Qorvo's old employee-equity-plan registrations reached the SEC on October 9↗ ⁷. With Qorvo's shares gone, Skyworks, trading as SWKS on Nasdaq, is the only listed way into the story ¹.

One customer is the whole bet

Apple▲+0.15% — Apple, up 0.15 percent today took 67% of Skyworks' net revenue in fiscal 2025↗, after 69% the year before and 66% before that ⁸. The final standalone quarter, ended July 3, produced $934.8 million of revenue against $965.0 million a year earlier, "driven primarily by a decrease in market share at a significant customer, partially offset by an increase in demand for our automotive and data center products"↗ ⁹. Qorvo brings the counterweight: a defense, aerospace and data-center book, and annualized cost savings of $500 million or more promised within 24 to 36 months ¹.

Two banks, opposite calls

B. Riley upgraded the stock to buy at a $107 target; Bank of America▲+0.15% — Bank of America, up 0.15 percent today raised its target to $78 and kept an underperform rating; KeyBanc warned that weak handset demand could swamp new design wins ⁵. The coupons run regardless of who is right: about $34 million of interest a year on the new 2029 notes and $22 million on the 2031s, roughly $56 million of fixed charges against a $500 million savings promise ⁶. If the savings arrive, the debt is a rounding error; if they slip, it is the first bill that cannot wait.

The first combined number lands November 3

Skyworks will give financial guidance for the merged company on its fiscal fourth-quarter earnings call on November 3↗ ¹. Analysts expect revenue near $1.04 billion against $1.1 billion a year ago ⁵. The figure that decides the argument is how much of it comes from anywhere but phones.