ADC Telecommunications Inc. said Tuesday that is has completed its acquisition of KRONE Group from GenTek Inc.
KRONE is a provider of copper- and fiber-optic-based cabling and connectivity systems.
The transaction -- originally announced in late March -- was valued at approximately $350 million, of which ADC paid net cash of some $294 million and assumed certain defined liabilities consisting principally of KRONE's pension obligation for its German work force.
“Acquiring KRONE is strategic for ADC as we renew our focus on our core business and expand our global scale,” CEO Robert E. Switz said in a prepared statement.
“This acquisition makes ADC the leading global network-infrastructure company providing comprehensive product and service solutions for communications-service providers and enterprise networks," he added.
