Thursday, September 3, 2009

TriQuint Acquires TriAccess Technologies

HILLSBORO, Ore. & SANTA ROSA, Calif.--(BUSINESS WIRE)--TriQuint Semiconductor, Inc (NASDAQ: TQNT), a leading RF front-end product manufacturer and foundry services provider, announced its acquisition of TriAccess Technologies, a leading provider of Cable TV (CATV) and Fiber-to-the-Premise (FTTP) integrated circuits for the amplification of high-quality multimedia content, effective today. Previously, TriQuint served as TriAccess’ foundry supplier.

Terms of the acquisition were not disclosed. TriAccess’ results are not expected to materially impact TriQuint’s net income. In conjunction with this transaction, the Board of Directors has approved issuance of 170,300 stock options to ten former TriAccess employees under TriQuint’s 2008 Inducement Award Program. The stock option grants are effective September 3, 2009. A majority of TriQuint’s independent directors approved the grant of the stock options in accordance with NASDAQ Listing Standard 5635(c)(4). The stock options granted as part of the award program have a 10-year life, vest 25% twelve months from the date of grant, with the remaining 75% of the option vesting in equal quarterly installments of 6.25% over the next twelve quarters. They have an exercise price of $7.54, which is the closing price of TriQuint’s common stock on September 3, 2009. The options expire on September 3, 2019.

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