Carlyle Group completes $3.9B CommScope deal
The Carlyle Group's $3.9 billion purchase of telecommunications infrastructure vendor CommScope was completed today, and Eddie Edwards is CommScope's new CEO.
Edwards was president and chief operating officer prior to taking over for former CEO Frank Drendel, which was announced prior to the closing of the deal. Drendel, who has served as CommScope's CEO since it was founded in 1976, has joined the company's board of directors and will continue as CommScope's chairman of the board.
"CommScope has made many important advancements in supporting customers with infrastructure solutions over the last 35 years, and I am confident that this combination with Carlyle is a great step forward in our company's progress," said Drendel. "Our merger with Carlyle is the start of a new phase for CommScope, and the company is well-positioned to excel in helping customers while benefiting from key industry drivers such as cloud computing, mobility, video, and social networking. On behalf of CommScope's board of directors, I thank our stockholders and dedicated employees for their support throughout this process."
Edwards joined CommScope in 2001, and became president and chief operating officer in 2009.
"This is an exciting time for CommScope, and we are thrilled to complete this transaction," said Edwards. "Our customers will continue to receive the outstanding technologies, solutions and support that they have come to expect from CommScope, as our commitment to serving their needs remains constant.
CommScope's stock stopped trading on the New York Stock Exchange prior to the opening of the market this morning, and it will be delisted.
Under the terms of the merger agreement, CommScope stockholders are entitled to receive $31.50 per share in cash for each share of CommScope common stock that they hold.
On Monday, CommScope announced it had sold its wireless test and measurement product line to Anite.