Nov. 11, 2013, 8:41 AM
- Mitel Networks (MITL) will acquire Aastra Technologies (AATSF) for $6.52 in cash and 3.6 MITL shares per share of AATSF. The price represents a 21% premium to the 30-day Toronto VWAP of AATSF and a 13% premium as of Friday's close. The total consideration to be paid is $374M (C$392M).
- The move creates a combined company with $1.1B in revenue, a $100M cloud business, 60M end users, and market leadership in Western Europe.
- Mitel expects to achieve $45M in synergies within 2 years driven by supply change optimization, facilities consolidation, and economies of scale. It also expects the acquisition to reduce its debt leverage ratio.
Currently, there's no company description for AATSF.
Industry: Telecom Services - Domestic