PMC-Sierra Terminates Merger Agreement With Skyworks; $88.5M Termination Fee Payable to Skyworks

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Skyworks Solutions, Inc.
SWKS
today announced that it decided not to modify its amended and restated merger agreement with PMC-Sierra, Inc.
PMCS
, entered into on October 29, 2015. Today PMC terminated the amended and restated merger agreement and, as a result, Skyworks is entitled to an $88.5 million termination fee from PMC. Skyworks maintains a highly disciplined approach to the assessment of potential acquisition candidates, and at an increased valuation, PMC no longer meets Skyworks' financial criteria. Skyworks' upwardly revised mid-term target operating model remains unchanged from the annualized non-GAAP earnings per share of $8.00
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