WASHINGTON (dpa-AFX) - Shares of Arris International PLC (ARRS) gained 16% in extended trading session on Tuesday following reports of the company's acquisition.
According to CNBC, telecoms infrastructure company CommScope is nearing a deal to buy telecom gear provider Arris for more than $31 a share or more than $5.6 billion.
Commscope could announce the deal to acquire the set-top box manufacturer as soon as tomorrow.
The report says that the deal is expected to give CommScope more scale with a more diversified product base, while it would provide an exit for Arris as fewer customers watch traditional TV from set-top boxes, a major part of its business.
ARRS closed Tuesday's trading at $24.97, up $0.17 or 0.69%, on the Nasdaq. The stock further gained $3.95 or 15.82% in the after-hours trade.
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