Washington, D.C.-based Carlyle Group is selling all its remaining shares of Hickory-based CommScope Holding Co., worth more than $650 million.
The Carlyle Group announced the sale of 19.7 million shares on Nov. 10 and said the closing is expected to occur around Nov. 16, subject to customary closing conditions.
CommScope will not receive any of the proceeds of the sale, underwritten by Morgan Stanley and Jefferies.
Prior to this announcement, the company owned 10.2 percent of the wireless and fiber optic solutions company.
Earlier this September, the North Carolina Business News Wire reported Carlyle Group’s sale of $300 million worth of CommScope shares. The asset management firm had also disposed of 11.5 million shares in August, worth nearly $333 million.
The Carlyle Group took CommScope private in 2010 for $3.9 billion. This was the biggest takeover in the telecommunications-equipment industry in at least two years, Bloomberg reported.
CommScope recently reported earnings of 81 cents per share in its third-quarter profit, 10 cents higher than Wall Street expectations.
The telecommunications company’s $3 billion acquisition of Broadband Network Solutions also helped CommScope’s third-quarter revenue peak to $1.3 billion, up 33.6 percent from last year’s $973 million.
Note: This story is from the North Carolina Business News Wire, a service of UNC–Chapel Hill’s School of Media and Journalism
