Skyworks will not pay any quarterly dividends as part of a new capital allocation framework.

The company replaced its current stock buyback program with a new $2 billion share repurchase program. It will redirect capital previously allocated to dividends to buybacks, de-levering its balance sheet and pursuing mergers.

Skyworks also said it anticipates raising $2 billion of acquisition debt financing.

Skyworks said it is optimistic its merger with Qorvo announced last year will now close within the calendar year.

The companies said Skyworks Chief Executive Phil Brace will serve as CEO of the combined company.