ADC Telecommunications Inc. and Andrew Corp. today announced that they have entered into a definitive merger agreem...
May 31, 2006
ADC Telecommunications Inc. and Andrew Corp. today announced that they have entered into a definitive merger agreement.
The transaction, which is subject to shareholder and regulatory approvals, was approved by the boards of both companies.
For the most recent reported twelve months as of today, combined sales for the two companies on a pro forma basis totaled approximately US$3.3 billion.
The wireline and wireless markets for next generation broadband, video, data and voice services are rapidly expanding and have strong growth potential, ADC said in a statement.
In addition, carriers in every part of the world are upgrading their networks to expand high-speed data and video offerings.
“The strategic, operational and financial synergies of our two companies create a significant opportunity to grow value for our customers, shareholders and employees,” said Robert Switz, president and CEO of ADC.
He will be the new CEO of the combined company.
Shares of ADC dropped sharply following the announcement.