BIoT Canada

Mitel announces agreement to acquire Polycom

April 15, 2016  

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Ottawa-based Mitel Corp and Polycom Inc.  today announced that they have entered into a definitive merger agreement in which Mitel will acquire all of the outstanding shares of Polycom common stock in a cash and stock transaction valued at approximately US$1.96 billion.

Under the terms of the agreement, stockholders of the unified communications and collaboration vendor will be entitled to US$3.12 in cash and 1.31 Mitel common shares for each share of Polycom common stock, or US$13.68 based on the closing price of a Mitel common share on April 13,

According to Mitel, the communications and collaboration industry is “undergoing a period of intense change that is rapidly redrawing the competitive landscape and breaking down barriers between previously discrete markets and technology domains.”

The combined company will be headquartered in Ottawa and will operate under the Mitel name, while maintaining Polycom’s global brand. Richard McBee, Mitel’s CEO will lead the combined organization.

Once merged, the combined company will have a global workforce of approximately 7,700 employees.

“Mitel has a simple vision — to provide seamless communications and collaboration to customers,” said McBee. “To bring that vision to life we are methodically putting the puzzle pieces in place to provide a seamless customer experience across any device and any environment.”