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U.S. telecom equipment maker CommScope said on Thursday it would buy set-top box maker Arris in a $7.4 billion deal to bulk up its business ahead of the global roll-out of 5G. Arris shares jumped more than 10 percent Thursday on the news.
The offer price of $31.75 per share represents a premium of 14 percent over Arris' Wednesday close. Excluding debt repayment, the deal is valued at about $5.69 billion, according to Reuters calculations. CNBC reported Tuesday that the deal, which is expected to more than double CommScope's size, was nearing a close.
CommScope, which was taken public by private-equity firm Carlyle Group in 2013, sells connectivity products to the wireless industry and cable operators. Arris makes modems and set-top boxes for the same industries.
The deal comes as telecommunications companies are spending heavily to upgrade their infrastructure to handle streaming video and get ready to roll out 5G networks. The deal has advantages for both companies, giving Arris an exit as fewer people watch TV from set-top boxes, and providing CommScope more diversity in its products.
Reuters first reported about a possible deal between the two companies last month.
Separately, Carlyle will also make an $1 billion equity investment in CommScope for a stake of about 16 percent.
Allen & Co., Deutsche Bank, J.P. Morgan Securities, and Bank of America/Merrill Lynch were financial advisers to CommScope. Evercore advised Arris.
The deal is expected to close in the first half of 2019.
- Reuters contributed to this report.