Agency / Source: CommScope

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CommScope Selected as Highest and Best Bid in Auction to Acquire Cable Business Assets of Casa Systems - The Sale is expected to be completed on June 6, 2024 - Casa-Systems.com / CommScope.com
CommScope Selected as Highest and Best Bid in Auction to Acquire Cable Business Assets of Casa Systems

 

PRZOOM - /newswire/ - Claremont, NC, United States, 2024/05/31 - The Sale is expected to be completed on June 6, 2024 - Casa-Systems.com / CommScope.com. NASDAQ: COMM

   
 
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CommScope, a global leader in network connectivity, was selected by Casa Systems, Inc. (“Casa”) (casa-systems.com), as the highest and best bidder to acquire Casa’s Cable Business assets.

A purchase agreement was entered into on May 29, 2024, between CommScope and Casa Systems, Inc. after CommScope entered the winning bid of $45,100, 000 to purchase the Cable Business assets through an auction process under section 363 of the Bankruptcy Code. A sale hearing is scheduled for June 4, 2024, and the transaction is expected to close June 6, 2024.

The strategic accretive acquisition strengthens CommScope’s Access Network Solutions leading market position, including enhancing its virtual CMTS and PON product offerings. The economics of the deal are supported by significant synergies. “As a leader in the cable industry, we are quite pleased by the opportunity to acquire Casa’s cloud-native network solutions,” stated Chuck Treadway, CEO, CommScope. He continued,“Adding Casa’s technology to our portfolio will allow us to provide a seamless transition for our combined customer base that utilize both integrated and virtual CMTS products. This transaction provides stability to Casa’s customers while allowing CommScope to further grow our customer base as we enable customers to migrate to Distributed Access Architecture solutions on their own timeline.”

CommScope and the CommScope logo are registered trademarks of CommScope and/or its affiliates in the U.S. and other countries. For additional trademark information see commscope.com/trademarks. All other product names, trademarks and registered trademarks are property of their respective owners.

About CommScope

CommScope (commscope.com) is pushing the boundaries of technology to create the world’s most advanced wired and wireless networks. Our global team of employees, innovators and technologists empower customers to anticipate what’s next and invent what’s possible.

Financial Contact: Massimo Disabato, CommScope
E: massimo.disabato[.]commscope.com.

This press release includes forward-looking statements that are based on information currently available to management, management’s beliefs, as well as on a number of assumptions concerning future events. Forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, which could cause the actual results to differ materially from those currently expected. In providing forward-looking statements, the company does not intend, and is not undertaking any obligation or duty, to update these statements as a result of new information, future events or otherwise.

 
 
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Agency / Source: CommScope

 
 

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CommScope Selected as Highest and Best Bid in Auction to Acquire Cable Business Assets of Casa Systems

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CommScope | Casa Systems, Inc.
Contact: Luke Hamer - CommScope.com 
828-324-2200 luke.hamer[.]commscope.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any CommScope securities in any jurisdiction including any other companies listed or named in this release.

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