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CommScope gets OK from Department of Justice to complete Andrew acquisition
By Jennifer Chiou
New York, Dec. 6 - CommScope, Inc. announced that it reached an agreement with the Department of Justice that will allow it to move forward with its proposed acquisition of Andrew Corp.
Under the terms of the agreement, the companies will be required to divest certain non-core assets, including Andrew's non-controlling minority interest in Andes Industries, Inc., a supplier of last-mile products for broadband communications networks, and other related assets. As of Sept. 30, the carrying value of the assets related to Andrew's investment in Andes was less than $20 million.
Andrew agreed to be acquired by CommScope for $15.00 per share in a cash and stock deal valued at an estimated $2.6 billion.
The transaction was also cleared by the European Commission and has received other required regulatory approvals.
As already reported, Andrew will hold a special meeting of shareholders to vote on the company's merger with CommScope at 3 p.m. ET on Dec. 10.
Under the June 27 merger agreement, each share of Andrew common stock will be converted into $15.00, consisting of $13.50 in cash plus an additional $1.50 in cash, CommScope common stock or a combination of cash and stock, at CommScope's option.
Andrew will become a wholly owned subsidiary of CommScope while retaining its Chicago-area presence.
CommScope, located in Hickory, N.C., provides infrastructure services for communication networks.
Andrew, based in Westchester, Ill., manufacturers and delivers services for the communications infrastructure market.
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