PE-backed Mitel to purchase Mavenir Systems for $560 mln

Mitel Networks Corp (TSX: MNW) has agreed to acquire Mavenir Systems Inc (NYSE: MVNR), a provider of software-based networking solutions for mobile carriers based in Richardson, Texas. The cash and stock deal, which is expected to close in the second quarter, is valued at about $560 million. Before going public in 2013, Mavenir was venture-backed. Mitel said the acquisition will create a global leader in converged IP communications for enterprises, service providers and mobile operators. The Ottawa-based company, which is backed by Francisco Partners, Wesley Clover and other investors, made an unsuccessful bid last year to purchase ShoreTel Inc.

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