Apple suppliers Skyworks Solutions and Qorvo are set to merge in a cash-and-stock deal, creating a radio chip company worth $22 billion. Qorvo shareholders will receive $32.50 in cash and 0.96 of a Skyworks common share per Qorvo share. Activist investor Starboard Value and major customers have approved the merger.

After the merger, Skyworks shareholders will own 63% of the company, with Qorvo shareholders owning 37%. The companies, which make radio frequency components and semiconductors, aim to better compete with larger rivals. Skyworks CEO Phil Brace will lead the combined company, with Qorvo CEO Bob Bruggeworth joining the board.

Skyworks specializes in analog and mixed-signal semiconductors, while Qorvo provides connectivity and power solutions. The merger is expected to create a $5.1 billion mobile business. Skyworks exceeded revenue and profit expectations in its preliminary fourth-quarter results, while Qorvo also exceeded projections in its recent quarter.

Read more at Yahoo Finance: Apple suppliers Qorvo and Skyworks will merge to create a chipmaker worth $22 billion