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Wired News – Mitel Networks Gets Acquired by Investor Group Led by Private Equity Firm Searchlight Capital Partners

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LONDON, UK / ACCESSWIRE / April 26, 2018 / Active-Investors.com has just released a free research report on Mitel Networks Corp. (NASDAQ: MITL) ("Mitel"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MITL as the Company's latest news hit the wire. On April 24, 2018, the Company announced that it is being acquired by an investor group led by affiliates of Searchlight Capital Partners, L.P. ("Searchlight"), which is a leading private investment firm. The full cash transaction is valued at approximately $2 billion and includes Mitel's debts. Mitel will change from a public Company to a privately-owned Company on completion of the transaction. The deal is expected to provide it with the requisite flexibility to accelerate its move-to-the-cloud strategy. Register today and get access to over 1000 Free Research Reports by joining our site below:


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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Mitel Networks most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:


Management Comments

Commenting on being acquired by Searchlight, Terry Matthews, Co-Founder and Chairman of Mitel, said:

"Our Board determined that this transaction, upon closing, will deliver immediate, significant, and certain cash value to our shareholders. It also affirms the tremendous value and market leadership of Mitel. We believe this transaction will provide Mitel with additional flexibility as a private Company to pursue the Company's move-to-the-cloud strategy."

Rich McBee, Chief Executive Officer (CEO) of Mitel, added:

"As a private Company, and with the strategic and capital support of the Searchlight funds, we will have greater flexibility to manage the transition in our market, accelerate our strategy, and drive the next phase of success for our customers, partners, and employees."

Transaction Details

As per the terms of the agreement between Mitel and Searchlight, Mitel's shareholders are expected to receive $11.15 in cash for each Mitel share. The offer price is at a 9.7% premium to Mitel's share price of $10.16 at the close of trading on April 23, 2018. Once the transaction is completed, Mitel will become a privately-owned Company. The Board of Directors of Mitel have approved the transaction and have recommended that the shareholders also approve the deal.

The transaction is expected to close in H2 2018 subject to approvals from shareholders, regulatory authorities, the court, and the fulfilment of all other closing conditions. The deal is not subject to any financing conditions.

The transaction has a 45-day ‘go-shop' period, wherein Mitel can actively solicit, evaluate, and potentially enter into negotiations with other buyers who can make a superior offer. The 45-day ‘go-shop' period is valid till June 07, 2018. Mitel has clarified that there are no guarantees that this process will result in a superior offer and does not plan to disclose any information in this matter unless the Board decides to share the information.

The Company has also announced that it will be issuing a press statement to disclose its financial results for Q1 2018 before the market opens on May 03, 2018. However, it would not be holding the conference call to discuss the results.

About Mitel Networks Corp.

Ottawa, Canada-based Mitel is a global leader in business communications and is the fastest-growing global cloud communication provider in the world. The Company offers the widest range of business phone systems, collaboration, and contact center solutions to support the communications needs of small to large enterprises, both in cloud and on premise. Its product offerings include applications and mobility options that optimize businesses and make Companies more productive. The Company is known for its innovative products and has over 1,800 patents and applications. The Company has over 40 years of experience providing business communication solutions to over 70 million users in 100 countries.

About Searchlight Capital Partners, L.P.

Searchlight is a global private investment firm that identifies and develops distinctive opportunities for its investors and partner Companies. Searchlight's investment team has expertise in a wide range of transactions, including leveraged buyouts, growth equity, recapitalizations, and investments. The firm seeks out partnerships for its funds with leading corporations and businesses in which their capital and strategic support can enhance value. The firm has offices in New York, London, and Toronto and its operations are spread across North America and Europe.

Stock Performance Snapshot

April 25, 2018 - At Wednesday's closing bell, Mitel Networks' stock slightly advanced 0.09%, ending the trading session at $11.13.

Volume traded for the day: 8.01 million shares, which was above the 3-month average volume of 1.75 million shares.

Stock performance in the last month – up 14.74%; previous three-month period – up 24.08%; past twelve-month period – up 60.84%; and year-to-date - up 35.24%

After yesterday's close, Mitel Networks' market cap was at $1.35 billion.

The stock is part of the Technology sector, categorized under the Communication Equipment industry.


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