Mitel and Aastra Announce Plan to Merge
Mitel Networks and Aastra Technologies announced a definitive agreement where Mitel will acquire all outstanding common shares of Aastra for $6.52 in cash (USD) plus 3.6 Mitel common shares for each common share of Aastra.
The resulting company will be named Mitel and have over $1 billion in annual revenue and a global footprint including 60 million end users.
The merger will give Aastra stockholders a 20.9% premium to the 30-day volume weighted average price (VWAP) of Aastra common shares as of November 8, 2013.
The merger also brings together two very diverse customer demographics; with Mitel keeping focused on mid-market customers and Aastra winning some very large implementations, particularly with higher-education organizations.
"The business communications market is ripe for consolidation and on the cusp of a mass migration to cloud-based services. We believe that small competitors with narrow focus and limited global reach will quickly be marginalized," said Richard McBee, current Mitel President and Chief Executive Officer.
"Aastra's solid financial structure, complementary portfolios, geographic reach, and large installed-base immediately augment and expand Mitel's market footprint, enabling us to capitalize on a unique opportunity to leap-frog the competition and lead the market," said McBee.
Aastra has a long legacy of acquisition history so Mitel is upgrading their entire catalog of telecommunication solutions that include Nortel assets Aastra acquired in the early 2000s.
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