NEW YORK (TheStreet) -- Shares of telecommunications equipment maker CommScope  (COMM) - Get CommScope Holding Co., Inc. Report spiked more than 11% to a 52-week high of $28.57 in morning trading Wednesday after the company announced it would acquire almost all of Swiss electronics firm TE Connectivity's (TEL) - Get TE Connectivity Ltd. Report network gear business for approximately $3 billion in an effort to expand in Europe and Asia.

TE Connectivity said the business, which manufactures fiber optic cables and network switches, generated approximately $1.9 billion in revenue in the year ended September 26. CommScope's purchase does not include the unit's subsea fiber optics operation used by telecom and oil and gas customers.

CommScope said it expects the deal to close by the end of 2015 and to add more than 20% to its adjusted earnings by the end of the first full year after the deal closes. The company added it would finance the deal with cash and up to $3 billion in debt.

Exclusive Report:Jim Cramer’s Best Stocks for 2015

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Separately, TheStreet Ratings team rates COMMSCOPE HOLDING CO INC as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

TheStreet Recommends

"We rate COMMSCOPE HOLDING CO INC (COMM) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth and notable return on equity. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."

Image placeholder title

COMM

data by

YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.