PE-backed Mitel Networks to buy Aastra Technologies for $400 mln
Ottawa-based Mitel Networks Corp (TSX:MNW) (Nasdaq:MITL), a provider of business communications and collaboration software and services, has agreed to buy Aastra Technologies Ltd (TSX:AAH), an enterprise communications company based in Concord, Ontario. The deal, which has been approved by the boards of directors of both companies, is valued at around $400 million. Aastra shareholders will vote on the acquisition agreement at a special meeting in January 2014. U.S. private equity firm Francisco Partners and Terry Matthews, who together control 63% of Mitel's shares, have both signed voting support agreements in favour of the transaction. Francisco Partners took a stake in the company when it helped finance Mitel's purchase of Inter-Tel-Corp in 2007.
