GENBAND and Sonus have finalized their mergers following which the new company will be known Ribbon Communications. The combined company will focus on security and real-time communication tools.
The transaction is a merger of equals and former Sonus and GENBAND shareholders each own approximately 50% of the parent company, which had approximately 102 million shares outstanding post close.
In a joint statement, the companies elaborated more on the name of the new company, "With the world more complexly woven together than ever before, the real-time communications we rely on must become a more comprehensive, engaging, contextual and all-encompassing experience. That's why Ribbon is being launched. Born to serve as the real-time communications pivoting point for our lives, Ribbon serves as the connection across all our world."
Ray Dolan, President and CEO, Ribbon Communications
The combined company is expected to realize annual cost synergies of $40 million to $50 million in 2018 and to drive solid cash flow from operations in the first year after closing. Today is a tremendous day as we bring together two companies that have been at the forefront of real-time communications into a single, unified entity focused on serving our customers and moving the industry forward.
