Skyworks $2.06 billion commitment terminated after merger called off

By Wendy Van Sickle

Columbus, Ohio, Nov. 24 – Skyworks Solutions, Inc.’s roughly $2.06 billion debt commitment letter for its contemplated acquisition of PMC-Sierra, Inc. was terminated on Monday after the merger agreement fell through, according to an 8-K filed with the Securities and Exchange Commission.

The commitment letter was with Barclays Bank plc, Bank of America, NA, Bank of America Merrill Lynch and Citigroup Global Markets Inc.

Skyworks said it decided not to alter its merger agreement. PMC instead accepted an acquisition proposal from Microsemi Corp., according to the 8-K.

Skyworks is entitled to an $88.5 million termination fee from PMC, a Sunnyvale, Calif.-based fabless semiconductor company.

Skyworks is a Woburn, Mass.-based manufacturer of analog and mixed-signal semiconductors.

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