Skyworks Solutions (NASDAQ: SWKS) has completed its merger with Qorvo, combining two semiconductor companies focused on radio frequency, power management, and analog and mixed-signal solutions, according to a company statement.

Under the terms of the agreement, Qorvo shareholders received $32.50 in cash and 0.960 of a Skyworks common share for each Qorvo share held. Legacy Skyworks shareholders own approximately 63% of the combined company, while legacy Qorvo shareholders hold approximately 37%, on a fully diluted basis. The combined company will continue to trade under the SWKS ticker on the Nasdaq.

The merged entity will have approximately 8,000 engineers and more than 12,000 issued and pending patents. Skyworks said the transaction more than doubles its addressable market, expanding into defense and aerospace, data center and networking, automotive, and connected edge segments.

The company expects annualized cost synergies of $500 million or more, to be realized within 24 to 36 months following the close. The transaction is also expected to be immediately accretive to non-GAAP earnings per share.

Phil Brace will continue as chief executive officer and president of Skyworks. Bob Bruggeworth, former chief executive officer of Qorvo, along with Richard Clemmer and Chris Koopmans, formerly of the Qorvo board, have joined the Skyworks Board of Directors.

Skyworks said it will provide financial guidance during its fiscal fourth-quarter earnings call on Nov. 3.

Qatalyst Partners and Goldman Sachs acted as financial advisors to Skyworks, with Skadden, Arps, Slate, Meagher & Flom serving as legal counsel. Centerview Partners was exclusive financial advisor to Qorvo, and Davis Polk & Wardwell acted as Qorvo's legal advisor.