Ottawa-based Mitel Networks Corp said on Tuesday that it will be bought by an investor group led by Searchlight Capital Partners in a deal valued at US$2 billion.
Mitel shareholders will receive US$11.15 per share in cash, representing a premium of nearly 10% to the stock’s Monday close. Under the deal, Mitel will become a privately held company, a move it says will provide it with additional flexibility.
The business communications firm that has been in existence for more than 20 years says its board of directors has unanimously determined that the offer is in the best interests of the company and will recommend shareholders approve the deal. Searchlight is a private investment firm with investments in North America and Europe.
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