CommScope said Thursday that its approximately $2.65 billion acquisition of Andrew is complete, and Andrew is now a wholly owned subsidiary of CommScope.
Andrew stockholders will receive $13.50 in cash and 0.031543 shares of CommScope common stock for each Andrew share. CommScope said the fractional share of its common stock was calculated according to the terms of the merger agreement by dividing $1.50 by $47.554, the volume weighted average of the closing sale prices for a share of CommScope common stock over the 10 consecutive trading days ending Dec. 24.
“We believe this combination will further enhance CommScope's position as a worldwide leader in 'last-mile' solutions,” CommScope chairman and CEO Frank M. Drendel 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. With this acquisition, we are advancing CommScope's stated global last-mile strategy while creating important cost reduction and growth opportunities that we believe will drive increased shareholder value.”
He added, “We look forward to working with Andrew's talented team to quickly and smoothly integrate their operations into CommScope. As we continue to invest in the combined business for profitable growth, the talented and dedicated employees of both Andrew and CommScope will continue to play a critical role in the success of the combined company. CommScope is a proven and successful integrator of strategic transactions, and we expect to begin realizing the benefits of this combination immediately and enjoy them fully over the next few years.”