Avaya Inc has entered into a definitive merger agreement with investment firm Silver Lake and private investment...
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partnership TPG Capital for approximately US$8.2 billion.
Under the terms of the agreement, Avaya shareholders will receive US$17.50 in cash for each share of Avaya common stock they hold.
The transaction is expected to be completed in the fall of 2007, subject to shareholder approval and customary regulatory approvals, as well as satisfaction of other customary closing conditions.
There is no financing condition to the obligations of the private equity group to consummate the transaction, and equity and debt commitments for the merger consideration have been received.
The merger agreement provides for Avaya to solicit proposals from third parties during the next 50 days. In addition, the company may, at any time, subject to the terms of the agreement, respond to unsolicited proposals.