On Oct. 28, 2025, Skyworks Solutions Inc. announced it entered into definitive agreements to acquire Qorvo Inc. (BBB-/Stable) for approximately $10 billion in stock and cash and $1.6 billion of assumed debt. Based on the conservative funding plan, we forecast S&P Global Ratings-adjusted debt to EBITDA will increase to near 1x from 0x by the close of the transaction, estimated in early 2027, and improve further thereafter. S&P Global Ratings affirmed its ratings and stable outlook on Skyworks, including its ?BBB-? issuer credit rating. The stable outlook reflects Skyworks? modest pro forma S&P Global Ratings-adjusted leverage near 1x and our view that the combined business will provide better customer and product diversification despite the still-high customer concentration and potential integration
