TE Connectivity to sell network business?
Swiss electronics company TE Connectivity is nearing a deal to sell its network equipment business to US vendor CommScope, the Wall Street Journal reports.
The deal, worth approximately $3 billion, could be announced as soon as this week, according to people close to the matter.
Network Solutions, the business unit in question, is one of the company’s four divisions, and had net sales of $2.92 billion for the year ending September 26, 2014.
A sale would not include Network Solutions’ subsea fibre optics arm, which is used by telecoms and oil and gas customers.
CommScope makes equipment for mobile, broadband and corporate-data networks and the acquisition of Network Solutions would increase its market capitalisation in Switzerland.