CommScope to Buy Andrew

The deal is worth $2.6 billion.
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(CTV) - Get Report

agreed to buy



in a $2.6 billion deal that will combine two makers of gear for communications networks.

The terms of the pact will see CommScope pay $15 for each share of Andrew. The transaction should add to CommScope's cash earnings per share, excluding special items, in the first full year after closing.

Separately, CommScope raised the low end of its financial guidance for the second quarter. The company now expects revenue of $500 million to $510 million, up from its prior target of $490 million to $510 million.

CommScope also confirmed its calendar year 2007 financial guidance, saying sales should be $1.84 billion to $1.89 billion.