Skyworks Jumps 10% as CEO Says China Antitrust Review Hit Its Final Stage, Targeting a 2026 Close for the Qorvo Deal

SWKS rose 9.8% to $84.03 on September 10 and Qorvo gained 6.8% to $112.36 after chief executive Phil Brace said China's State Administration for Market Regulation had moved its antitrust review of the two companies' merger to phase three, which he described as the final stage of that process, and that Skyworks is optimistic it can close within the calendar year. The move ran squarely against the tape: the iShares Semiconductor ETF fell about 2% on the session and the Invesco QQQ Trust was off 0.9%, so this was merger repricing rather than a sector bid.

What is worth being precise about is that no clearance has actually been granted. A review advancing to a later phase and management voicing optimism are not the same as an approval, and the reporting cites no fresh regulatory decision or company filing behind the move. The merger was announced on 2025-10-28, not this year, and the original guidance at signing was for a close in early calendar 2027. The 2026 target reflects management's more recent optimism as the process has run ahead of that schedule.

The terms set the stakes. The transaction values the combined radio-frequency chipmaker at roughly $22 billion, with Qorvo holders receiving $32.50 in cash plus 0.960 Skyworks shares per Qorvo share, leaving Skyworks holders with about 63% of the combined company and Qorvo holders about 37%. Pro forma revenue runs near $7.7 billion with adjusted EBITDA around $2.1 billion. The $500 million figure that travels with this story is a company-stated target for annual cost synergies within 24 to 36 months of closing once the businesses are fully integrated, not an analyst estimate and not an immediate benefit. Skyworks has also lined up roughly $2 billion of acquisition debt financing alongside a new $2 billion share repurchase authorization.

The remaining gates are the ones to watch. The US HSR waiting period has expired and the FTC timing agreement lapsed on 2026-08-01 without further action, so the US path is clear; China's SAMR review and South Korea's KFTC review are the outstanding approvals. Skyworks shares have climbed about 20% over the past month on this arc, which means a slip in the closing timeline now has more to give back. On the operating side, the standalone business is not carrying the story: SentiSense's signal for Skyworks flags adjusted operating income down 19.1% year over year from fiscal Q3 2025 to fiscal Q3 2026, which is part of why the synergy target matters as much as it does.