Mitel has made an offer for Avaya at USD 20-22 per share, or USD 2.2-2.4 billion, the Wall Street Journal reported, citing sources familiar with the matter. The deal could be announced next month, but could also not work out, the sources added. A combined company could better compete with Cisco, the report added.
Mitel was bought last year by Searchlight Capital Partners for USD 2 billion, including debt.
Avaya was acquired in 2007 by private-equity firms TPG and Silver Lake in an USD 8 billion leverage buyout. The deal ultimately soured and Avaya sought bankruptcy protection in early 2017. It emerged from creditor protection later that year and listed its shares on the New York Stock Exchange in January 2018.
