Copyright The Oregonian
Wireless semiconductor manufacturer Qorvo said Tuesday it will sell its business to rival Skyworks, creating a combined business with annual sales of about $7.7 billion and a combined market value of about $22 billion. Qorvo employs about 800 at its chip factory in Hillsboro. The company declined comment about the future of that operation, noting that its sale doesn’t close until 2027, but Skyworks and Qorvo said that one of the reasons they are combining their businesses is to increase their domestic manufacturing footprint. Both companies make chips used in iPhones but Apple has been developing its own wireless chips. That could send the companies searching for new markets, or for ways to cut costs, if they eventually lose some of their key business with Apple. Qorvo shareholders will receive $105.31 in cash and stock, representing a 14% premium over Monday’s closing price. The two companies’ share prices each jumped about 12% in early trading Tuesday. Tuesday’s deal is subject to antitrust review in the U.S. and in other countries.
