An investor group led by affiliates of Searchlight Capital Partners has agreed to acquire Mitel for approximately $2.0 billion in cash, including Mitel’s net debt.
Mitel shareholders will receive $11.15 per common share in cash, representing a premium of approximately 24% to the 90-calendar-day volume-weighted average price of Mitel common shares through April 23, 2018.
Upon completion of the transaction, Mitel will become a privately held company.
Terry Matthews, Mitel Co-founder and Chairman, said, “Mitel has succeeded for 45 years because of persistent innovation and relentless focus on delivering shareholder value. Our Board determined that this transaction, upon closing, will deliver immediate, significant and certain cash value to our shareholders. It also affirms the tremendous value and market leadership of Mitel. We believe this transaction will provide Mitel with additional flexibility as a private company to pursue the company’s move-to-the-cloud strategy.”
