CommScope and Furukawa Electric purchase 10.2M shares of CommScope stock from Lucent for $53.0M

October 9, 2002

1 Min Read

HICKORY, N.C. -- CommScope, Inc. (NYSE: CTV - News) and Furukawa Electric Co. Ltd. of Japan (Tokyo: 5801 - News), today privately purchased 10.2 million shares of CommScope stock held by Lucent Technologies (NYSE: LU - News). Lucent had acquired the CommScope common stock in connection with CommScope's investment in OFS BrightWave, LLC in November 2001.The total purchase price for the 10.2 million-share block was approximately $53.0 million or $5.20 per share. Furukawa purchased 7,656,900 shares, which it plans to hold for investment purposes. CommScope purchased 2,543,100 shares, which it will hold as treasury stock. CommScope funded its $13.2 million purchase using current cash balances.Frank Drendel, CommScope Chairman and Chief Executive Officer said, "We believe that we have crafted win/win solutions despite the challenging business conditions. We also believe that our long-term strategic relationship with Furukawa has been enhanced while satisfying Lucent's desire to monetize their CommScope holdings in a difficult market environment." Lucent had held CommScope common stock since November 16, 2001. At that time, CommScope acquired an approximate 18.4% interest in OFS BrightWave, a company formed by CommScope and Furukawa to acquire certain fiber cable and transmission fiber assets of the Optical Fiber Solutions Group of Lucent Technologies. CommScope issued 10.2 million shares of its common stock to Lucent in lieu of a portion of the cash purchase price payable by Furukawa to Lucent in connection with the acquisition of a portion of Lucent's OFS Group. Lucent Technologies Inc.CommScope Inc.Furukawa Electric Co. Ltd.

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