...August 4, 2026 SAN FRANCISCO (S&P Global Ratings) Aug. 4, 2026--S&P Global Ratings today assigned its '###-' issue-level rating to Skyworks Solutions Inc.'s proposed senior unsecured notes. The company intends to use the proceeds from these notes to finance the pending acquisition of Qorvo Inc. (###-/Stable). Our '###-' long-term issuer credit rating and stable outlook on Skyworks are unchanged. On Oct. 28, 2025, Skyworks announced it entered into definitive agreements to acquire Qorvo for approximately $10 billion in stock and cash and $1.6 billion of assumed debt. Based on the conservative funding plan, we estimate S&P Global Ratings-adjusted debt to EBITDA will increase to 1x-1.5x, depending upon the timing of the transaction close, and improve thereafter through cost cuts and EBITDA expansion. The Qorvo acquisition modestly enhances Skyworks' competitive position. We view the deal as a defensive move by two smaller radio frequency semiconductor players to better compete against larger...
