TE Connectivity To Sell Its BNS Business To CommScope For $3.0 Bln - Quick Facts

(RTTNews) - TE Connectivity Ltd. (TEL) Wednesday said it has reached a definitive agreement to sell its Broadband Network Solutions or BNS business unit to CommScope (COMM) for $3.0 billion. The transaction is expected to close by December 31.

CommScope is a global provider of telecommunications infrastructure solutions for wireless, business enterprise and residential broadband networks.

The BNS business, which consists of TE's Telecommunications, Enterprise Networks and Wireless businesses, had revenue of $1.9 billion in fiscal year 2014.

The sale does not include TE's Subsea Communications or Data Communications businesses, which also report into TE's Network Solutions segment.

The company plans to use the majority of the proceeds from the sale for share repurchases.