CommScope Completes Acquisition Of Andrew
[12-28-07 – Satellite Today] CommScope Inc. completed its $2.7 billion acquisition of Andrew Corp., CommScope announced Dec. 27.
“We believe this combination will further enhance CommScope’s position as a worldwide leader in last mile solutions,” Frank Drendel, chairman and CEO of CommScope, said in a statement. “Combining our innovative technologies, premier brands and a top-tier customer base, we expect to expand our global service model and create an enhanced offering of communications infrastructure solutions that addresses a broader spectrum of customer needs.”
Andrew stockholders will receive $13.50 in cash and 0.03 shares of CommScope common stock for each Andrew share. CommScope expects to generate annual cost savings of about $90 million to $100 million in the second full year of operations. Andrew will operate as a wholly owned subsidiary.