Headquartered in Orland Park, Illinois (a suburb of Chicago), Andrew Corporation (ANDW) is a leading supplier of communications products and subsystems, primarily for wireless network applications. The company reports financials into two broad segments: Antenna and Cable Products (68.1% of total fourth quarter revenue), and Wireless Network Solutions (31.9%). Sales to customers in the Americas represented approximately 43.5% in fiscal 2007 Europe, the Middle East and Africa contributed 37.1% and the Asia Pacific region comprised the remaining 19.4%. Andrew has taken a strategic decision to sell its Satellite Communications business to a private-equity firm called Resilience Capital Partners. Andrew receives up to $39 million subject to certain conditions and will also obtain ownership stake of 17%-20% in the new satellite establishment. The company is also expected to incur a charge of around $15 million -$20 million related to this sale.
On June 27, Andrew announced that the company entered a definitive agreement to be acquired by Commscope for total consideration of approximately $2.6 billion. Shareholders will receive $15 for each Andrew share held. Cash payment will be $13.50 and the remaining $1.50 will be paid either through cash, CommScope common stock, or a combination of both.
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