Diversified electronics maker TE Connectivity Ltd. is nearing a deal to sell its network solutions business unit to CommScope Holding Co., Inc. (COMM) in a deal valued at about $3 billion, according a Wall Street Journal report on Monday. A deal could be announced as early as this week.
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The network solutions business unit of Schaffhausen, Switzerland-based TE Connectivity makes equipment for telecommunications and data networks, including connectivity and sensor products. The unit generated sales of $2.92 billion in fiscal 2014, about 21 percent of total sales.
According the WSJ report, the deal does not include the unit's subsea fiber optics operations.
TE Connectivity was spun off from Tyco International in June 2007 and changed its name from Tyco Electronics Ltd. in March 2011.
TEL closed Monday's regular trading at $63.16, up $0.27 or 0.43% on a volume of 1.44 million shares. The stock surged a further $4.09 or 6.48 in after-hours trading.
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