The Carlyle Group has completed its acquisition of CommScope, taking the company private. CommScope stock ceased trading on the New York Stock Exchange prior to the opening of trading on Friday, January 14.
Marvin "Eddie" Edwards Jr., who has been CommScope's president and chief operating officer since 2009, now takes the title president and chief executive officer. As CEO he succeeds Frank Drendel, who has held that position since founding the company in 1976. Drendel will continue as chairman of CommScope's board of directors; Edwards is now also a member of the board.
"I am confident that this combination with Carlyle is a great step forward in our company's progress," Drendel said. "The company is well-positioned to excel in helping customers while benefiting from key industry drivers such as cloud computing, mobility, video and social networking." He also expressed appreciation for stockholders' dedication and voiced confidence in Edwards's ability to take the chief executive role. "Eddie is a proven and excellent leader with an intricate knowledge of our business," he said. Edwards said CommScope customers "will continue to receive the outstanding technologies, solutions and support that they have come to expect from CommScope."