A power amplifier can include a carrier amplifier having first and second differential amplification cells with outputs coupled by a primary loop of a carrier transformer, and a peaking amplifier having first and second differential amplification cells with outputs coupled by a primary loop of a peaking transformer. The power amplifier can further include a combiner having a quarter-wave circuit implemented between the secondary loop of the carrier transformer and a secondary loop of the peaking transformer. The quarter-wave circuit can be configured to provide a characteristic impedance, such that the carrier and peaking amplifiers are presented with an impedance that is approximately the same as the characteristic impedance when both of the carrier and peaking amplifiers are turned on, and the carrier amplifier is presented with an impedance that is approximately twice the characteristic impedance when the carrier amplifier is turned on and the peaking amplifier is turned off.