TE Connectivity Ltd. (NYSE: TEL) said it has completed the previously announced divestiture of its Broadband Network Solutions (BNS) business to CommScope (NASDAQ: COMM) for USD3.0 billion.
TE continues to expect to use the majority of the proceeds from the sale for share repurchase, making the transaction neutral to adjusted earnings per share (EPS) in one year´s time.
“Our strategy is focused on strengthening our leadership position in connectivity and sensor solutions, with an emphasis on harsh environment applications,” said TE Connectivity Chairman and CEO Tom Lynch. “With the sale, 90 percent of our sales are derived from the attractive connectivity and sensor markets, and over 80 percent address harsh environments applications. These markets have strong underlying growth drivers as customers develop innovative products to meet the demands of a smarter, greener, safer and more connected world.”
TE Connectivity is a USD12 billion global technology leader.