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TriQuint Semiconductor Inc. (TQNT) Announces Agreement to Acquire WJ Communications (WJCI)

TriQuint Semiconductor, founded in 1985, supplies high-performance radio frequency (RF) modules, components and foundry services to the world’s leading communication companies, and WJ Communications, Inc, a leading provider of RF solutions serving multiple markets targeting wireless communications, RF identification, WiMAX, and RF power solutions, announced a definite agreement for TriQuint to obtain WJ.

The agreement states that TriQuint will obtain by merger all outstanding shares of WJ for $1 per share with an approximate purchase price of $72 million. This agreement excludes one-time charges. TriQuint expects the earnings to be neutralized during fiscal year 2008 and to naturally increase after. Subject to an agreeable vote by WJ shareholders, both Companies expect to close within 90 days once the transaction has been approved by the Board of Directors of both companies.

Bruce Diamond, CEO of WJ Communications, Inc said, “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. 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.”

Ralph Quinsey, CEO of TriQuint said, “WJ’s solid reputation in these market areas is a wonderful complement to TriQuint’s strengths in design, manufacturing and customer support. WJ’s technical expertise combine with the financial strength and stability of TriQuint will provide both innovative products and security of supply to the networks infrastructure customer base.”

The conference call regarding TriQuint’s acquisition of WJ was held on March 10th. All interested parties who may have missed the live call can access the replay by calling 706-645-9291 with passcode 38668579 for the next 7 days.

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