Stock Alert: Skyworks Solutions Up 4%

(RTTNews) - Shares of Skyworks Solutions Inc. (SWKS) are currently gaining over 4% on Friday morning after the company said it has agreed to buy Silicon Laboratories Inc's (SLAB) infrastructure and automotive business for $2.75 billion.

The deal includes Silicon Labs' power/isolation, timing and broadcast products, intellectual property and associated employees.

The deal is expected to close in the third quarter of 2021, the company said.

Skyworks said it expects the deal to be immediately accretive and to accelerate the path to Skyworks achieving its target financial model.