TriQuint to Buy Sawtek in $1.3-Billion Stock Deal

Communications chip maker TriQuint Semiconductor Inc. said it would acquire wireless communications parts maker Sawtek Inc. in a stock deal worth about $1.3 billion that is a move to boost its offerings for cell phone handsets and other devices.

Under the deal, Sawtek shareholders would receive 1.1507 shares of TriQuint common stock for each share of Sawtek.

TriQuint shareholders would hold about 64% of the combined company, with former Sawtek shareholders holding about 36% after the closing of the deal, expected in the third quarter of this year.

Hillsboro, Ore.-based TriQuint has annual revenue of about $301 million, while Orlando, Fla.-based Sawtek has annual revenue of about $160 million.

In Nasdaq trading, TriQuint fell 30 cents to $26, while Sawtek rose 95 cents to close at $26.01.