Canadian Manufacturing

Kanata, Ont.’s Mitel Networks acquired by U.S. investor group for $2.6B

Under the deal, Mitel will again become a privately held company, a move it says will provide it with additional flexibility.


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OTTAWA—Mitel Networks Corp. has signed a deal to be acquired by an investor group led by Searchlight Capital Partners for about C$2.6 billion, including debt.

Under the agreement, Mitel shareholders are being offered US$11.15 per share in cash.

Mitel shares closed at US$10.16 on the Nasdaq on Monday and C$13.04 on the Toronto Stock Exchange.

Under the deal, Mitel will become a privately held company, a move it says will provide it with additional flexibility.

The business communications firm says its board of directors has unanimously determined that the offer is in the best interests of the company and will recommend shareholders approve the deal.

Searchlight is a private investment firm with investments in North America and Europe.


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