Mitel Networks to sell mobile division to Siris Capital's Xura
Mitel Networks Corp (TSX: MNW) has agreed to sell its mobile division to Xura Inc, a portfolio company of U.S. private equity firm Siris Capital Group. In exchange, Mitel will receive $350 million in cash, a $35 million non-interest bearing promissory note, and an equity interest in the partnership that will own both Xura and the mobile business. The deal is expected to close in Q1 2017. Ottawa-based Mitel said the decision to sell is strategic and will allow it to refocus on the unified communications and collaboration (UCC) market. Earlier this year, Siris Capital acquired Polycom Inc, which had previously agreed to merge with Mitel.
20 December 2016•4 mins read
