Leading enterprise and mobile communications provider Mitel Networks has entered into a merger agreement to acquire voice and telephony vendor Polycom in a cash and stock deal worth approximately $1.96 billion.
Under the terms of the agreement, Polycom stockholders will be entitled to $3.12 in cash and 1.31 Mitel common shares for each share of Polycom common stock, or $13.68 based on the closing price of a Mitel common share on April 13, 2016.
Richard McBee, Mitel’s CEO will lead the combined organization, while Steve Spooner, Mitel’s Chief Financial Officer, will also continue in that role. The combined company will be headquartered in Ottawa, Canada, and will operate under the Mitel name while maintaining Polycom’s strong global brand with combined global workforce of approximately 7,700 employees.
Rich McBee, CEO, Mitel
Polycom is one of the most respected brands in the world and is synonymous with the high quality and innovative conference and video capabilities that are now the norm of everyday collaboration.
Peter Leav, President and CEO of Polycom
Together, Polycom and Mitel expect to drive meaningful value for our shareholders, customers, partners and employees around the world.
