TE Connectivity sells SubCom for USD 325 mln in cash

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(Telecompaper) TE Connectivity has agreed to sell its subsea communications operations, SubCom, to Cerberus Capital Management for USD 325 million in cash. The deal is expected to complete by the end of TE’s fiscal first quarter, subject to the usual closing conditions. The company said it will use proceeds from the sale to fund share buybacks. SubCom, part of TE’s Communications Solutions segment, is a global supplier of undersea communications technology and marine services.
Source: Industry News (syndicated from Telecompaper.com)

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