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To: drmorgan who wrote (11439)	1/9/1998 3:19:00 AM
From: Scrapps	Respond to of 22053

TriQuint Semiconductor, Inc. Announces Acquisitions of Raytheon/TI Systems' Gallium Arsenide MMIC Operations Acquisition Provides Strategic Capabilities To Dominate Emerging High Performance Markets HILLSBORO, Ore.--(BUSINESS WIRE)--Jan. 8, 1998-- TriQuint Semiconductor, Inc. (NASDAQ: TQNT - news) today announced that it has signed an agreement to acquire the Monolithic Microwave Integrated Circuit (MMIC) operations of the former Texas Instruments' Defense Systems & Electronics Group from Raytheon Co. [NYSE:RTNa - news] for approximately $39 million. Approximately half the purchase price will be paid in cash and half in TriQuint common stock, with the stock portion redeemable at any time within 360 days of the closing of the MMIC acquisition, at a price per share based on the average of the closing bid prices on the five trading days proceeding the closing date. In connection with the acquisition, the company would expect that part of the purchase price will be allocated to research and development in process. Although the acquisition is subject to the approval of the Department of Justice and the Department of Defense, the transaction is expected to close by mid-January, 1998. In commenting on the acquisition, Steven J. Sharp, President and CEO of TriQuint stated, ''This acquisition will provide TriQuint with the strategic capabilities to be the leader in the emerging and potentially enormous markets for the very high performance GaAs integrated circuits in Commercial Satellite and Local Multipoint Distribution Systems (LMDS) applications as well as Point to Point Digital Radio systems. The GaAs operations which TriQuint will acquire utilize advanced process technologies including .25 micron PHEMT, HFET, High performance HBT, and direct-write E-beam which are necessary to service these markets. ''In addition to these world-class capabilities, we are also fortunate to gain an outstanding group of approximately 300 highly skilled and respected employees, including approximately 120 engineers, of whom 50 are experienced RF circuit designers.'' Mr. Sharp further stated, ''This acquisition will provide us with a two year head start over our competition in the emerging high end commercial markets. Companies are rarely presented with this type of opportunity and we are extremely pleased with our ability to forge a win-win situation for both TriQuint and Raytheon. In fact, TriQuint will have immediate revenue flow by continuing to be a major supplier to Raytheon and to the existing customer base for advanced defense systems and high performance commercial applications. Going forward, our intention is to continue to support these applications while intensifying the focus on the emerging commercial markets.'' ''This new TriQuint operation will add significant manufacturing capacity to supplement our existing Hillsboro, Oregon facility. The Dallas facility includes approximately 100,000 square feet of leased space, of which 15,000 are Class 10 and Class 100 clean room. A further advantage will be the ability to have both our Dallas and Hillsboro operations act as back up sources to each other. This should allow us greater ability to reliably support our customers and achieve our expected growth objectives,'' concluded Sharp. Certain of the above information is forward-looking and as such, is merely the Company's best visibility at this time. There are risks that events can turn out differently than anticipated, related to both the Company's market and performance. Therefore, you should direct your attention to the risk factors contained in the Company's September, 1995 prospectus and in the Form 10K for year ending December 31, 1996 and Form 10Q for the quarter ending September 30, 1997. TriQuint Semiconductor, Inc. is a leading manufacturer of radio frequency (RF), analog and mixed signal gallium arsenide (GaAs) integrated circuits. The Company produces standard and customer specific ICs for high performance wireless, telecommunications, and computer systems, and also offers GaAs manufacturing services. TriQuint (TQNT) has been listed on the Nasdaq stock exchange since December, 1993. The Company's headquarters are located at 2300 NE Brookwood Parkway, Hillsboro, Oregon 97124.