Telecom equipment maker CommScope Holding Co Inc said it would purchase nearly all of Swiss electronics firm TE Connectivity's network gear business for about $3 billion to expand in Europe and Asia.The deal comes at a time when operators are increasing their spending on mobile and fixed networks to improve coverage and boost capacity to keep up with rising data traffic from video and smartphones.TE Connectivity, which split from Tyco International Ltd in 2007, said the unit generated revenue of about $1.9 billion in the year ended Sept. 26. The business makes fiber optic cables and network switches.The acquisition does not include the unit's subsea fiber optics operation, which is used by telecom and oil and gas customers.
Shares of TYC fell by 1.42% or $-0.6/share to $41.60. In the past year, the shares have traded as low as $38.15 and as high as $46.64. On average, 2620120 shares of TYC exchange hands on a given day and today's volume is recorded at 3369789.
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