Mitel To Be Acquired By Investor Group In Approx. $2.0 Bln Deal - Quick Facts

(RTTNews) - Mitel (MITL, MNW.TO) announced a definitive arrangement agreement under which the company will be acquired by an investor group led by affiliates of Searchlight Capital Partners, L.P. in an all-cash transaction valued at approximately $2.0 billion, including Mitel's net debt. Mitel shareholders will receive $11.15 per common share in cash.

Upon completion of the transaction, Mitel will become a privately held company, which is expected to provide the company with additional flexibility to accelerate its move-to-the-cloud strategy. The Mitel Board has unanimously determined that the transaction is in the best interests of the company and fair to shareholders. The transaction is expected to close during the second half of 2018, subject to customary closing conditions, including receipt of shareholder, regulatory and court approvals.

Searchlight is a private investment firm with investments in North America and Europe. The arrangement agreement includes a 45-day "go-shop" period, which permits Mitel's Board and advisors to actively solicit, evaluate and potentially enter into negotiations with parties that make alternative acquisition proposals through June 7, 2018.