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TriQuint to acquire WJ Communications for $72M

Posted: 12 Mar 2008 ?? ?Print Version ?Bookmark and Share

Keywords:RF solution? wireless infrastructure? acquisition?

TriQuint Semiconductor has signed a definitive agreement to acquire WJ Communications, a supplier of RF solutions for wireless infrastructure.

Under the terms of the agreement, TriQuint will acquire by merger all outstanding shares of WJ for $1 per share, implying a purchase price of approximately $72 million. Excluding one-time charges, TriQuint expects the deal to be neutral to earnings during fiscal 2008 and accretive thereafter. The transaction has been approved by the board of directors of both companies and is expected to close within 90 days, subject to an affirmative vote by WJ shareholders and other customary conditions.

"We see great synergy with TriQuint in the areas of technology, customer relationships and manufacturing efficiencies. There is very little product overlap and a good cultural fit between our two organizations" commented Bruce Diamond, CEO of WJ. "We bring a broad product line of RF building blocks and modules as well as a talented Silicon Valley based design team to an established leader in the RF market space."

Through this acquisition, TriQuint expects to expand its presence in the wireless infrastructure market comprised of cellular base stations and wireless and cable broadband infrastructure. "WJ's solid reputation in these market areas is a wonderful complement to TriQuint's strengths in design, manufacturing and customer support." said Ralph Quinsey, CEO of TriQuint. "WJ's technical expertise combined with the financial strength and stability of TriQuint will provide both innovative products and security of supply to the networks infrastructure customer base."

Upon closing, it is anticipated that Bruce Diamond, CEO of WJ, will continue with the organization leading the business and assisting in integration.

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