The Carlyle Group, an alternative asset manager, has completed the acquisition of CommScope , a provider of infrastructure solutions for communications networks.
Marvin Edwards, CommScope’s current president and chief operating officer, has been appointed as president and CEO, succeeding Frank Drendel, as announced earlier.
Drendel has served as CommScope’s CEO since founding the company in 1976. Edwards has also joined CommScope’s board of directors, and Drendel will continue as the chairman of the board.
Under the terms of the merger agreement, CommScope stockholders are entitled to receive $31.50 per share in cash for each share of CommScope common stock that they hold.
Drendel said that the merger with Carlyle is the start of a new phase for CommScope, and the company is well-positioned to excel in helping customers while benefiting from key industry drivers such as cloud computing, mobility, video, and social networking.
Edwards said that customers will continue to receive the outstanding technologies, solutions and support that they have come to expect from CommScope, as the commitment to serving their needs remains constant.
Allen & Company served as financial advisor and Gibson, Dunn & Crutcher served as legal advisor to CommScope in connection with the transaction. JP Morgan served as financial advisor to Carlyle, and Alston & Bird and Latham & Watkins LLP served as Carlyle’s legal advisors.