TriQuint Semiconductor, Inc. (TQNT) yesterday announced the acquisition of TriAccess Technologies. TriAccess is a leading provider of Cable TV and Fiber-to-the-Premise (FTTP) integrated circuits for the amplification of high-quality multimedia content. TriQuint is serving as TriAccess’ foundry supplier.

Management believes that TriAccess’s product portfolio for the Cable TV and FTTP markets will accelerate TriQuint’s foray in these markets. Cable and telecom operators are competing to provide the consumer with triple-play services (Internet, video and voice) and are therefore upgrading their networks to accommodate larger bandwidth needed for high-speed Internet, multiple HDTV streams, and applications such as Video-on-Demand. These services require RF components that provide higher bandwidth, better linearity, lower noise, reduced power consumption and higher integration at a lower cost.

Other terms of the acquisition were not disclosed. In conjunction with this transaction, the Board of Directors 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.

Earlier, the company reported better-than-expected results for the June quarter driven by strength in its handset, and defense and aerospace product revenue. Management also provided a strong forecast foreseeing a sustained demand in the second half of 2009 for handset and defense products along with an eventual recovery in the networks market.

The company is all set to benefit from China’s investment in 3G infrastructure, which more than offsets reduced infrastructure spending in other regions.

We maintain our Neutral rating on the stock.

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