Communications Software Provider Mitel Networks Corporation to Acquire Communications Solutions Provider Aastra
Business communications and collaboration software provider Mitel Networks Corporation plans to acquire communications solutions provider Aastra. The deal will be based on a blend of cash and shares totaling $400 Million.
Mitel, which has headquarters in Ottawa, Canada, will have a value of around a billion dollars after the acquisition. Buying Aastra will enable Mitel's customers to leverage cloud-based solutions. The combined entity will have the largest market share in Western Europe and 60 million users in around 100 countries.
“The business communications market is ripe for consolidation on the cusp of a mass migration to cloud-based services," explained Richard McBee, President and Chief Executive Officer of Mitel. "We believe that small competitors with narrow focus and limited global growth will quickly reach be marginalized. Aastra’s solid financial structure, complementary portfolios, geographic reach, and large installed-based 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.”
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