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LONDON, UK / ACCESSWIRE / July 14, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for the global leader in infrastructure solutions for communications networks, CommScope Holding Co. Inc. (NASDAQ: COMM), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=COMM. The Company announced on July 12, 2017, that it has entered into an agreement to acquire Cable Exchange, a global supplier of fiber optic and copper assemblies for voice, data, and video. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Eddie Edwards, President and Chief Executive Officer of CommScope stated:
"We are pleased to further expand our capabilities in the data center market with Cable Exchange, a trusted and respected provider of critical network infrastructure with strong customer relationships. Further, we believe the people, products, and performance of Cable Exchange are a great match for CommScope."
Cable Exchange's President, Joey Hynes, commented:
"We are thrilled to partner with an industry leader like CommScope. We look forward to building upon our teams' capabilities to serve the growing data center market."
Terms of the Acquisition
After the completion of the acquisition, Cable Exchange will function as a stand-alone business within CommScope's Connectivity Solutions segment, and all the employees along with the leadership team of the Company will join CommScope.
The transaction is subject to customary closing conditions and regulatory approvals from concerned organizations and is likely to close within the next 60 days. CommScope proposes to fund the acquisition with cash on hand. Other terms of the deal remain undisclosed.
Support to CommScope's Capabilities
This acquisition will strengthen CommScope's capabilities in supporting the growing market for high-capacity, multi-tenant data centers, and hyperscale data centers operated by the world's largest technology and retail companies. With the growing user-driven information flowing through networks, operators worldwide are installing larger and more complex data centers quickly to support growth in transactions.
The transaction also benefits CommScope's in the form of additional resources provided by Cable Exchange for meeting the growing demand for network bandwidth. The transaction is also expected to intensify CommScope's position as a leading communications infrastructure provider.
CommScope's Multi-Tenant Data Center Alliance
As per the news release, CommScope formed Multi-Tenant Data Center (MTDC) Alliance as part of the Partner PRO Network in June 2017, to address the shift in the data center markets and to offer enterprise customers the optimal data center deployments that best fits their needs.
About CommScope Holding Co. Inc
Headquartered in Hickory, United States, CommScope Holding Co. Inc. is the leading global provider of connectivity and essential infrastructure solutions for wireless, business enterprise, and residential broadband networks. The Company operates through two segments: CommScope Connectivity Solutions (CCS); and CommScope Mobility Solutions (CMS).
CommScope Inc. operates as a subsidiary of CommScope Holding Company, Inc.
About Cable Exchange
Established in 1986, Cable Exchange is a leading supplier of fiber optic and copper assemblies for voice, data, and video in the United States. The Company provides connectivity solutions for international, national, and regional distributors. Cable Exchange is headquartered in Santa Ana, United States.
Last Close Stock Review
At the closing bell, on Thursday, July 13, 2017, CommScope's stock was slightly up 0.37%, ending the trading session at $35.65. A total volume of 4.13 million shares has exchanged hands, which was higher than the 3-month average volume of 2.77 million shares. The Company's stock price surged 12.28% in the previous twelve months. The stock is trading at a PE ratio of 28.75 and currently, has a market cap of $6.87 billion.
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SOURCE: Pro-Trader Daily