CommScope Falling Sharply On Acquisition Of ARRIS

(RTTNews) - Shares of CommScope Holding Company, Inc. (COMM) have shown a substantial move to the downside during trading on Thursday, plunging by 23.2 percent. CommScope has tumbled to its lowest intraday level in well over two years.

The steep drop by CommScope comes after the network infrastructure provider agreed to acquire ARRIS International plc (ARRS) in an all-cash transaction for $31.75 per share or a total purchase price of approximately $7.4 billion, including the repayment of debt.

The company said the combination of CommScope and ARRIS, on a pro forma basis, would create a company with approximately $11.3 billion in revenue and adjusted EBITDA of approximately $1.8 billion.