---
title: "China clears Skyworks' $22 billion Qorvo purchase ten days after the deal closed"
description: "China's antitrust regulator unconditionally cleared Skyworks' $22 billion acquisition of Qorvo in a window ending October 4, a list published today shows. The deal closed on October 5, the debt swap settled on October 7, and the argument is now about Apple."
publisher: "The Inference"
section: "Silicon"
published: 2026-10-15T15:29:52.548Z
modified: 2026-10-15T15:29:52.548Z
canonical: https://theinference.org/article/china-clears-skyworks-22-billion-qorvo-purchase-ten-days-after-the-deal-closed
language: en
keywords: "Antitrust, China, Semiconductors, M&A, Apple"
---

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

> China's antitrust regulator unconditionally cleared Skyworks' $22 billion acquisition of Qorvo in a window ending October 4, a list published today shows. The deal closed on October 5, the debt swap settled on October 7, and the argument is now about Apple.

Bob Bruggeworth, the last chief executive of [Qorvo](https://theinference.org/markets/companies/qorvo), watched his company end on October 5: each Qorvo share became $32.50 in cash and 0.960 of a [Skyworks](https://theinference.org/markets/companies/skyworks-solutions) 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 [1][2][5]. 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](https://www.mlex.com/mlex/articles/2538260/skyworks-qorvo-ingredion-tate-lyle-among-8-deals-cleared-in-china-sept-21-oct-4) [3]. Skyworks had already declared the matter settled on September 30, [announcing it had "received all necessary regulatory clearances"](https://markets.businessinsider.com/news/stocks/skyworks-receives-all-necessary-clearances-for-proposed-combination-with-qorvo-1036585301) [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](https://www.sec.gov/Archives/edgar/data/4127/000110465926114359/tm2626934d2_8k.htm) [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](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001604778&type=&dateb=&owner=include&count=10) [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](https://theinference.org/markets/companies/apple) took 67% of Skyworks' [net revenue in fiscal 2025](https://www.sec.gov/Archives/edgar/data/4127/000000412725000085/swks-20251003.htm), 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"](https://www.sec.gov/Archives/edgar/data/4127/000000412726000049/swks-20260703.htm) [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].

*Chart: **Apple's share of Skyworks revenue is stuck near two-thirds** Line chart of Apple's share of Skyworks net revenue across three fiscal years, 66 percent, 69 percent and 67 percent, peaking in fiscal 2024.*

*Apple's share of Skyworks net revenue by fiscal year. Source: Skyworks Form 10-K, fiscal year ended 3 October 2025. [8]*

*Chart: **Skyworks' standalone revenue has drifted down for three years** Line chart of Skyworks quarterly net revenue from the quarter ended September 2023 to the quarter ended July 2026, declining from about $1.2 billion to about $0.94 billion.*

*Quarterly net revenue in USD billions; each label marks the calendar quarter in which the fiscal quarter ended. Source: Skyworks SEC filings. [10]*

## Two banks, opposite calls

B. Riley upgraded the stock to buy at a $107 target; [Bank of America](https://theinference.org/markets/companies/bank-of-america) 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](https://markets.businessinsider.com/news/stocks/skyworks-completes-combination-with-qorvo-1036596936) [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.

## Takeaway

China's unconditional clearance arrived on paper ten days after the Skyworks-Qorvo deal closed; the real question for the merged $22 billion RF-chip company is whether anything beyond Apple's phone business arrives before the $56 million of new annual interest does.

## Sources

1. [Skyworks press release via GlobeNewswire/Markets Insider, "Skyworks Completes Combination with Qorvo", 5 October 2026](https://markets.businessinsider.com/news/stocks/skyworks-completes-combination-with-qorvo-1036596936)
2. [TipRanks via The Globe and Mail, "Qorvo Completes Merger and Delisting Following Skyworks Acquisition", 6 October 2026](https://www.theglobeandmail.com/investing/markets/stocks/QRVO/pressreleases/4983694/qorvo-completes-merger-and-delisting-following-skyworks-acquisition/)
3. [MLex, "Skyworks-Qorvo, Ingredion-Tate & Lyle among 8 deals cleared in China Sept. 21-Oct. 4", 15 October 2026](https://www.mlex.com/mlex/articles/2538260/skyworks-qorvo-ingredion-tate-lyle-among-8-deals-cleared-in-china-sept-21-oct-4)
4. [Skyworks press release via GlobeNewswire/Markets Insider, "Skyworks Receives All Necessary Clearances for Proposed Combination with Qorvo", 30 September 2026](https://markets.businessinsider.com/news/stocks/skyworks-receives-all-necessary-clearances-for-proposed-combination-with-qorvo-1036585301)
5. [Irvine Source, "Irvine's Skyworks Solutions finalizes Qorvo acquisition; creates $22 billion semiconductor company", 10 October 2026](https://irvinesource.com/article/irvines-skyworks-solutions-finalizes-qorvo-acquisition-creates-dollar22-billion-3qlgr)
6. [Skyworks Solutions Form 8-K, exchange offers settlement, filed 7 October 2026](https://www.sec.gov/Archives/edgar/data/4127/000110465926114359/tm2626934d2_8k.htm)
7. [SEC EDGAR, Qorvo Inc. filing index, S-8 POS post-effective amendments filed 9 October 2026, retrieved 15 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001604778&type=&dateb=&owner=include&count=10)
8. [Skyworks Solutions Form 10-K, fiscal year ended 3 October 2025, filed 7 November 2025](https://www.sec.gov/Archives/edgar/data/4127/000000412725000085/swks-20251003.htm)
9. [Skyworks Solutions Form 10-Q, quarter ended 3 July 2026, filed 28 July 2026](https://www.sec.gov/Archives/edgar/data/4127/000000412726000049/swks-20260703.htm)
10. [Skyworks Solutions quarterly figures from its SEC filings, retrieved 15 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000004127)


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China clears Skyworks' $22 billion Qorvo purchase ten days after the deal closed — The Inference. Canonical: https://theinference.org/article/china-clears-skyworks-22-billion-qorvo-purchase-ten-days-after-the-deal-closed