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CommScope, Furukawa purchase 10.2M Lucent-held stock

Posted: 15 Oct 2002 ?? ?Print Version ?Bookmark and Share

Keywords:broadband coaxial cable? Hybrid Fiber Coaxial applications? LAN cables? wireless?

CommScope Inc. and Furukawa Electric Co. Ltd of Japan have purchased 10.2 million shares of CommScope stock held by Lucent Technologies. CommScope is a manufacturer of broadband coaxial cable for Hybrid Fiber Coaxial (HFC) applications and a supplier of fiber-optic and twisted pair cables for LAN, wireless, and other communications applications.

Lucent had held CommScope common stock since November 2001. At that time, CommScope acquired about 18.4 percent interest in OFS BrightWave, a company formed by CommScope and Furukawa to acquire certain fiber cable and transmission fiber assets of the Optical Fiber Solutions Group of Lucent Technologies.

"We believe that we have crafted win/win solutions despite the challenging business conditions. We also believe that our long-term strategic relationship with Furukawa has been enhanced while satisfying Lucent's desire to monetize their CommScope holdings in a difficult market environment," said Frank Drendel, CommScope chairman and CEO.

Further, CommScope and Furukawa have also entered into agreements that outline various investment terms, including resale restrictions, registration rights, standstill provisions, as well as call and limited put rights related to the CommScope shares held by Furukawa. CommScope and Furukawa have also agreed to change the date when CommScope could first exercise its contractual right to sell its ownership interest in OFS BrightWave to Furukawa from 2004 to 2006.





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