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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.
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