Starboard Value 借 Qorvo 合并持股 Skyworks，认为价值被低估，10月20日将公开推介

Starboard Value, which just acquired a stake in Skyworks Solutions Inc. via its takeover of Qorvo Inc., sees big upside should it execute on the goals of its merger with the rival wireless chipmaker, according to people familiar with the matter.

Starboard believes Skyworks remains undervalued after closing its purchase of Qorvo this month, said the people, who asked to not be identified because the details are private.

Starboard, which supported the Qorvo deal when it was an activist in that stock, thinks Skyworks has great growth opportunities given their complementary product portfolios, the people said.

Starboard considers it a compelling deal, which includes a target of $500 million or more in annual cost savings within three years, the people said. The activist doesn’t think the market has recognized the potential cost savings, nor has it recognized management’s forecast of reaching operating margins of 30% to 35% in two to three years, they said.

Smith is expected to discuss this latest investment at the annual 13D Monitor Active-Passive Investor Summit on Oct. 20 in New York, which he is headlining.

A representative for Skyworks didn’t immediately respond to a request for comment.

Skyworks agreed to buy Qorvo last year in a deal valuing the combined company at about $22 billion, as both companies grappled with slowing growth following Apple’s decision to replace third-party chips with homegrown components. Skyworks and Qorvo both make tiny electronic chips that are used for communication in smartphones as well as non-mobile businesses, such as data centers and fighter jets.

Skyworks rose 0.8% to close at $79.70 in New York trading Friday, giving the company a market value of about $18.7 billion. The stock has gained about 4.7% in the past year.

Starboard in 2025 took a stakein Qorvo, pushing for operational improvements. The company avoided a proxy fight by agreeing to add Starboard managing member and head of research, Peter Feld, to the board.

Two executives it helped appoint to the Qorvo board remain on the Skyworks board. Those are Chris Koopmans, president of Marvell Technology Inc., and Rick Clemmer, former CEO of NXP Semiconductors.

Starboard has targeted some of the world’s largest companies. It recently built a new stake in Shake Shack Inc. and is also active in Dynatrace Inc., CarMax Inc. and Lamb Weston Holdings Inc., according to data from Bloomberg Intelligence.