Skyworks CEO Says Qorvo Merger in Final Stages, Close by Year-End
SWKS sits 70% above its 52-week low of $51.93.
Summary
Skyworks CEO Phil Brace told a Goldman Sachs conference that the $22 billion Qorvo merger has entered final stages and should close by year-end, the clearest timing signal yet. The stock is up 22% this week, its best since 2009, with Friday's 5.6% gain to $88.81 following Thursday's 9.8% surge. This follows the FTC clearance in early August and the $2 billion debt offering to fund the deal. The combination would create the dominant U.S. supplier of RF front-end chips. Watch for the formal closing announcement and any remaining regulatory approvals.
At the time of this announcement, SWKS was trading at $88.16 on NASDAQ in the Technology sector, with a market capitalization of approximately $13.3B. The 52-week trading range was $51.93 to $92.30. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.