Andrew, CommScope set final merger terms
NEW YORK (Reuters) - Communications equipment makers Andrew Corp ANDW.O and CommScope Inc. (CTV.N) on Monday announced the final terms of their merger, which they said was due to close on December 27.
Andrew shareholders will receive, for every share, $13.50 in cash and $1.50 in CommScope common stock, the companies said.
The companies had announced in late June that CommScope will acquire all of the outstanding shares of Andrew for $15.00 per share, at least 90 percent in cash, in a deal valued at around $2.6 billion.
The companies have said the merger would help trim costs for making coaxial cable and strengthen their distribution strategy.
A flurry of mergers among large telecommunications operators over the past few years has prompted equipment vendors to follow suit in an attempt to trim expenses and offer a broader set of technologies.
(Reporting by Ritsuko Ando, editing by Phil Berlowitz)
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