Mitel is Making a Bid for UC Giant Avaya
This week, Bloomberg reported ‘Avaya to Get Bid From Rival Telecom Gear Vendor Mitel.’ Today, a deal seems like more of a reality – given the duo’s history of competition in the Unified Communications and Collaboration space.
According to the report by Bloomberg, “Avaya Holdings Corp., is considering a bid from rival Mitel Networks that could create a telecommunications equipment vendor worth more than $5 billion including debt,” citing a source with knowledge on the possible acquisition.
Further indications the deal might be a wise decision reflect in Avaya’s stock, which rose nine per cent following the news from Bloomberg. The duo’s combined business value is more than $20 per share, also reported Bloomberg. As we reported in April, both telecoms giants remain silent, amid intensifying speculation.
What Does a Potential Deal Look Like?
Under the terms of the likely agreement, Mitel’s investors get one-third of the combined business, according to the same sources familiar with the potential merger, also stating they would both remain publicly traded. Private equity firm Searchlight Capital owns Mitel and they project a rise in revenue of ‘at least $250 million a year from the deal.’
Mitel is also looking to invest $150 million into the business, which could absorb Avaya’s debt, although there has been no final handshake on the particulars. This, less than two years after Avaya arose from the dark depths of Chapter 11 bankruptcy.
There are still a lot of fine details to work out, and a possible acquisition means more scrutiny in the form of U.S. legislation as well as governing bodies like the Federal Trade Commission, though they are expected to approve the merger. Both Avaya and Mitel have found it difficult to transition from on-premises solutions to the Cloud, but they’ve adapted to the UC market. Now, both are taking drastic measures to ensure they stay relevant in the evolving Unified Communications space.
Avaya Considers Outright Sale Alternative
At 6:39 p.m., Reuters published, sources familiar with Avaya’s merger said ‘Avaya Holdings Corp is considering an all-cash offer by private equity firm Clayton Dublier & Rice LLC,’ leaving its options open.
Avaya hopes to negotiate a deal with CD&R that benefits shareholders, allowing them to cash out and value stocks at a ‘significant premium to where its shares are trading, although the price tag is less than what Mitel wants to pay,’ according to Reuters.
It is no secret, Avaya is in debt, roughly $3.2 billion. This means there is risk involved in any potential deal, prompting CD&R to reportedly be in talks with RingCentral Inc., to co-purchase Avaya. On Aug. 13, Avaya’s CEO, James Chirico, shared with investors during its latest quarterly earnings meeting, they expect to finalize a deal in the next thirty days.
Industry: Unified Communications
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