CommScope Holding Co. reached a deal to sell its broadband and cable equipment arm to Amphenol Corp. for about $10.5 billion in cash, the second such deal it’s done with Amphenol as part of a series of divestitures aimed at paying off debt.

Shares of CommScope Holding Co. skyrocketed when electronics component maker Amphenol purchased its Connectivity and Cable Solutions operation for $10.5 billion in cash. Amphenol shares traded at an all-time high.