Skyworks-Qorvo: The $22B RF Merger – Arb the Spread or Own the Synergy
Skyworks and Qorvo are combining in a $22B defensive merger to create the largest U.S.-based pure-play RF semiconductor company. Two ways to play it: buy QRVO for an ~11% arbitrage spread (effectively acquiring SWKS at a 15.6% discount), or buy SWKS for direct 63% ownership of a combined entity targeting $500M+ in annual synergies and 50% EPS accretion. We break down the arb math, the synergy mechanics, and why China approval is the swing factor.
