CommScope Holding Company, Inc. cancelled the Spin-Off of Home Networks business.
January 08, 2024
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CommScope Holding Company, Inc. (NasdaqGS:COMM) announced the spin-off of Home Networks business on April 8, 2021. The transaction will be in the form of a distribution to CommScope Holding Company, Inc., shareholders of 100% of the stock of Home Networks, a new, independent publicly traded company, which is intended to be tax-free to U.S. shareholders for U.S. federal income tax purposes. The new, independent company is expected to be listed on the NASDAQ stock exchange upon completion of the separation. Following the completion of the spin-off transaction, CommScope Holding Company, Inc., will be composed of the following three business segments: Broadband Networks, Venue and Campus Networks and Outdoor Wireless Networks. CommScope Holding Company, Inc., will continue to be led by Chuck Treadway, president and Chief Executive Officer, and its current management team. Upon completion of the separation, Joe Chow, Home Networks senior vice president, will become the Chief Executive Officer of the stand-alone Home Networks company. Alex Pease will be the Chief Financial Officer of CommScope. The Board of Directors, management, company name and headquarters will be announced after they are finalized.
The transaction is subject to market, regulatory and certain other conditions, including final approval of CommScope Holding Company, Inc.?s Board of Directors. In addition, the transaction is also subject to effectiveness of registration statement. The separation is expected to be completed by the end of the first quarter of 2022. Rather than wrapping that transaction by the first quarter of 2022, the company says it is now on track to complete it the second quarter of 2022. As of February 17, 2022, CommScope postponed the spin-off of Home Networks business. CommScope remain committed to the Spin-Off, but do not have a firm timeline. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor, whereas Mark Kelly, Mitchell Griffith, Bhanu Mathur, Julie Mediamolle, Scott Ortwein, William Snyder, Maddie Giese, Michael Stevens, John Baron, Matt Tyson, Rebecca Valentino and Danny Reach of Alston & Bird LLP and Baker & McKenzie LLP acted as legal advisors to CommScope Holding Company, Inc.
CommScope Holding Company, Inc. cancelled the Spin-Off of Home Networks business on January 9, 2024. Home Networks business is now been sold to Vantiva.
CommScope Holding Company, Inc. is a global provider of infrastructure solutions for communication, data center and entertainment networks. Its segments include Connectivity and Cable Solutions (CCS), Outdoor Wireless Networks (OWN), Networking, Intelligent Cellular and Security Solutions (NICS), and Access Network Solutions (ANS). The CCS segment provides fiber optic and copper connectivity and cable solutions for use in telecommunications, cable television, residential broadband networks, data centers and business enterprises. The OWN segment includes base station antennas, radio frequency filters, tower connectivity, microwave antennas, metro cell products, cabinets, steel, accessories and the wireless spectrum management business, Comsearch. The NICS segment provides wireless networks for enterprises and service providers. The ANS segmentâs product solutions include cable modem termination systems, video infrastructure, distribution and transmission equipment and cloud solutions.