TPG, Silver Lake to fund Avaya's purchase of Radvision
(Reuters) - Private equity firms TPG Capital and Silver Lake Partners said on Thursday they intend to fund a majority of the about $227 million Avaya Inc AVXX.UL needs to buy Israeli video conferencing company Radvision RVSN.TA.
In March, the telecom equipment maker agreed to buy Radvision as part of its strategy to shore up its video conferencing capabilities.
"Sponsor equity along with cash on hand at Radvision ($90.7 million as of December 2011) should be sufficient to fund nearly the entire purchase price," Moody's Investor Services said in a note.
TPG and Silver Lake originally bought Avaya for $8.2 billion. Avaya filed for a $1 billion initial public offering last June, but is yet to go public.
(Reporting by Abhiram Nandakumar in Bangalore; Editing by Jeremy Laurence)
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