The use of a semiconductor barrier in heteroepitaxy with ferromagnetic metal electrodes describes a novel type of magnetic tunnel junctions. In this work, epitaxial Fe/ZnSe/FeCo magnetic tunnel junctions have been grown on ZnSe(001) buffered GaAs(001) substrates by molecular beam epitaxy. Alloying a small amount of Co with Fe in the base electrode provides a better seed epilayer for the growth of the ZnSe barrier compared to pure Fe as seen by transmission electron microscopy. Detailed characterization of the FeCo surface was performed by in situ scanning tunneling microscopy and revealed pyramid-shaped defects of up to 60 AA in height distributed on the FeCo surface. Transport measurements on microfabricated tunnel junctions yielded up to ...