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CommScope acquires Andrew for $2.6B

Wed, 06/27/2007 - 8:44am
Traci Patterson

CommScope Inc. will acquire Andrew Corp. for $15 per share in a transaction valued at approximately $2.6 billion, with at least 90 percent to be paid in cash.

The combined company will provide infrastructure solutions for the video, voice, data and mobility markets.

The $15-per-share purchase price represents a premium of approximately 13 percent over Andrew’s average closing share price for the last 30 trading days, and a 21 percent premium over the average closing share price for the last 60 trading days, the company said.

When the transaction closes, Andrew will become a wholly-owned subsidiary of CommScope. Frank Drendel, CommScope’s chairman and CEO, will remain in his position.

Both companies’ boards have approved the definitive agreement, which is expected to close by year’s end.

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