Leading provider of audio and video collaboration solutions, Polycom announced that it has aborted the merger deal with leading enterprise and mobile communications provider, Mitel Networks to enable the company to accept a take over offer from private-equity firm Siris Capital Group. Polycom agrees to pay the Ottawa, Canada-based Mitel a termination fee of $60 million.
More on the early talks - Mitel Networks to Acquire Polycom for Nearly $2 Billion
Siris Capital Group is a leading private equity firm focused on making control investments in data, telecommunications, technology and technology-enabled business service companies in North America. Under the terms of the new merger agreement, Siris Capital will be paying $12.50 per share for Polycom, valuing the company at about $2 billion, including debt.
Dan Moloney, Siris Executive Partner
The industry is transitioning to a hybrid on-premise and cloud-based Unified Communications environment. We believe that as an independent private company, Polycom would be best positioned to continue its heritage as a best-in-class communications solutions provider to more than 400,000 companies and institutions, channel partners, and the evolving Unified Communications ecosystem.
