(Bloomberg) -- Amphenol Corp. has agreed to buy CommScope Holding Co.’s outdoor wireless networks and distributed antenna systems businesses in a $2.1 billion transaction.
CommScope’s shares jumped as much as 37% in New York trading Thursday and were up 9.9% at 1:07 p.m., giving the company a market value of $400 million. The company’s notes were also the biggest gainers in the high-yield market. Amphenol’s shares also rose as much as 3.6%, valuing it at about $78 billion.
Amphenol said in a statement that it expects the all-cash transaction to close in the first half of 2025. The company, based in Wallingford, Connecticut, makes electrical equipment such as fiber-optic connectors, antennas and sensors.
North Carolina-based CommScope, a provider of infrastructure solutions for communications networks, said in a separate statement that the sale will allow it to sharpen its focus on its remaining business units.
The transaction is the biggest ever by Amphenol, topping this year’s $2 billion purchase of Carlisle Cos.’ high-performance wire and cable businesses, according to data compiled by Bloomberg.
Goldman Sachs Group Inc. advised Amphenol on the purchase, while CommScope worked with Moelis & Co., according to the statements.
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