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Stock Market & Financial Investment News

News Breaks
February 21, 2014
08:38 EDTCOMMCommScope price target raised to $24 from $20 at Credit Suisse
Credit Suisse raised CommScope's price target to $24 following the solid Q4 report and improving wireless carrier spending environment. Shares are Outperform rated.
News For COMM From The Last 14 Days
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January 28, 2015
10:13 EDTCOMMHigh option volume stocks
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09:15 EDTCOMMOn The Fly: Pre-market Movers
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07:05 EDTCOMMCommScope to host conference call
Conference call to discuss agreement to acquire TE Connectivity’s Telecom, Enterprise and Wireless businesses will be held on January 28 at 8 am. Webcast Link
06:11 EDTCOMMCommScope sees FY15 adjusted EPS $1.95-$2.05, consensus $2.18
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06:10 EDTCOMMCommScope raises Q4 EPS to 35c-37c from 30c-35c, consensus 33c
Raises Q4 revenue to $825M-$830M from $810M-$850M, consensus $835.21M.
06:06 EDTCOMMTE Connectivity to sell BNS business to CommScope for $3B
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06:04 EDTCOMMCommScope to acquire TE Connectivity's Telecom, Enterprise, & Wireless business
CommScope (COMM) has agreed to acquire TE Connectivity’s (TEL) Telecom, Enterprise and Wireless businesses in an all-cash transaction valued at approximately $3B. The transaction, which was approved by the boards of both companies, is expected to accelerate CommScope’s strategy to drive profitable growth by entering into attractive adjacent markets and to broaden its position as a leading communications infrastructure provider. In addition, CommScope will have greater geographic and business diversity following the completion of the transaction. The Telecom, Enterprise and Wireless businesses of TE Connectivity generated annual revenues of approximately $1.9B in its fiscal year ended September 26, 2014, consisting of $1.1B from its Telecom business, where it is a world leader; $627M from Enterprise; and $164M from Wireless. The combined company’s pro forma results for the twelve months ended September 30, 2014 would have been approximately $5.8B in net sales and $1.2 billion in pro forma adjusted EBITDA. The transaction is expected to be in excess of 20% accretive to CommScope’s adjusted earnings per share by the end of the first full year after closing and on a pro forma basis, excluding purchase accounting charges, transition costs and other special items. This transaction is expected to provide CommScope with the opportunity to expand into the adjacent wireline telecom networks/fiber-to-the-X market and meet the steadily growing demand for broadband services in developed and emerging markets. Upon completion of the transaction, CommScope’s overall sales concentration would be more balanced based on the 12 months ending September 30, 2014: Wireless—approximately 46% of sales, versus 65%; Enterprise—approximately 26% of sales, versus 22%; and Broadband Connectivity—approximately 28% of sales, versus 13%. CommScope expects to realize more than $150 million in annual synergies beginning in the third year following closing, which includes more than $50 million in the first full year. CommScope expects to drive synergies across all areas of the company, including sales, marketing, general and administration, operations, and research and development. The transaction is expected to be in excess of 20% accretive by the end of the first full year after closing and on a pro forma basis, excluding purchase accounting charges, transition costs and other special items. The transaction is expected to close by the end of 2015 subject to consummation of contemplated financing, regulatory approvals and other customary closing conditions. CommScope expects to finance the transaction through the use of cash on hand and up to $3 billion of incremental debt, and has received debt financing commitments from J.P. Morgan Securities LLC, BofA Merrill Lynch, Deutsche Bank and Wells Fargo. Upon completion of the transaction, CommScope’s net debt to 2014 pro forma adjusted EBITDA ratio is expected to total approximately 4.0x to 4.5x.
06:04 EDTCOMMTE Connectivity to sell BNS business to CommScope for $3B
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06:02 EDTCOMMCommScope to acquire TE Connectivity Telecom, Enterprise, and Wierless business
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January 27, 2015
12:28 EDTCOMMOn The Fly: Midday Wrap
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08:42 EDTCOMMCommScope deal could be very attractive, says Jefferies
Jefferies says CommScope's (COMM) potential acquisition of TE Connectivity's (TEL) Network Solution business for $3B, as reported last night by the Wall Street Journal, could be very attractive for CommScope shareholders. The firm estimates 40c accretion in 2016.
January 26, 2015
18:28 EDTCOMMOn The Fly: After Hours Movers
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18:12 EDTCOMMTE Connectivity,Commscope close to $3B deal for network business, WSJ says
TE Connectivity (TEL) and Commscope Holdings (COMM) are close to a $3B deal in which TE Connectivity will sell its business unit responsible for data networks and telecommunications equipment to Commscope Holdings, the Wall Street Journal reports. The deal could be announced later this week, the newspaper says, citing people familiar with the matter. Reference Link
10:00 EDTCOMMOn The Fly: Analyst Downgrade Summary
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07:08 EDTCOMMCommScope downgraded at RBC Capital
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06:24 EDTCOMMCommScope downgraded to Sector Perform from Outperform at RBC Capital

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