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Monday, January 26, 2015

TE Connectivity nears deal to sell network business to CommScope -WSJ, (NYSE: TEL)

Swiss electronics company TE Connectivity Ltd is said to be nearing a deal to sell its network equipment unit to CommScope Holding Co Inc for about $3 billion, the Wall Street Journal reported, citing people familiar with the matter. The deal does not include the networking business' subsea fiber optics operation, which is used by telecom and oil and gas customers, the Journal reported. ( business for sale, called Network Solutions, had net sales of $2.92 billion, or nearly 21% of the company's total, for the year ended Sept. 26, 2014.The deal could be announced as soon as this week, assuming it doesn't fall apart at the last minute, the WSJ report said. (Reporting By Sai Sachin R in Bengaluru; Editing by Grant McCool)

TE Connectivity Ltd. (TE Connectivity), formerly Tyco Electronics Ltd. Shares of TEL traded higher by 0.43% or $0.27/share to $63.16. In the past year, the shares have traded as low as $51.03 and as high as $65.21. On average, 1592410 shares of TEL exchange hands on a given day and today's volume is recorded at 1437614.