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.

Including today’s cosmic run, COMM shares are up some 350% versus their year-to-date low in late April. For retail investors eyeing CommScope stock after the surge, the window may have already closed. The explosive move this morning reflects that markets have already priced in the acquisition related premium.

Amphenol on Monday entered a $10.5 billion deal to buy CommScope's connectivity and cable solutions unit, the largest purchase by the fibre-optic cable maker that would make it a key player in the market for U.