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CommScope signs definitive agreement to divest Andes business interest
March 26, 2008
HICKORY, N.C. -- CommScope, Inc. (NYSE:CTV) , a global leader in infrastructure solutions for communications networks, signed a definitive agreement to divest its minority interest in Andes Industries, Inc. pursuant to a December 6, 2007 consent decree with the United States Department of Justice. This agreement was entered into to comply with the terms of the settlement agreement among CommScope, Andrew Corporation and the DOJ that allowed CommScope to complete its acquisition of Andrew.
Pursuant to the agreement, CommScope will transfer its equity and other financial interests in Andes and its affiliates, as well as certain other related assets, to Andes, and each of the parties will release all claims against each other, including claims relating to prior transactions between Andrew and Andes. Andes has agreed to make payments of up to $16 million to CommScope, but only upon the occurrence of certain extraordinary events, such as the sale of Andes to a third party, during a two year period following the consummation of the agreement.
The consummation of the agreement is subject to the approval of the DOJ as well as satisfaction of other customary closing conditions.
CommScope Inc.
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