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U.S. telecom equipment maker CommScope Holding said Thursday it would buy set-top box-maker Arris International Plc in a $7.4 billion deal to bulk up its business ahead of the global rollout of 5G.CommScope shares slid more than 18 percent over concerns about the debt it would assume as part of the all-cash deal.Both Arris' and CommScope's businesses have been challenged as customers view some of their products as more commoditized and being easily substituted.Edwards said CommScope approached Arris several months ago about a transaction after its board carried out a study on how to grow the company.Shares of Arris were last up 10.2 percent at $30.63 Thursday morning.
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