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CommScope completes Andrew acquisition

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CIOL Bureau
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BANGALORE, INDIA: CommScope Inc. today has completed the acquisition of Andrew Corporation for purchase price of $2.65 billion.

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"We believe this combination will further enhance CommScope's position as a worldwide leader in 'last mile' solutions,” Frank M. Drendel, chairman and chief executive officer of CommScope, said while announcing the completion of the acquisition.

Andrew will now become 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 funded the transaction through a combination of senior secured credit facilities and available cash on hand.

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