April 24, 2018 / 11:32 AM / 8 months ago

Canada's Mitel to be bought by investor group in $2 billion deal

(Reuters) - Canadian telecommunications gear maker Mitel Networks Corp (MITL.O) (MNW.TO) is selling itself to an investor group led by Searchlight Capital Partners for about $2 billion, the company said on Tuesday.

Ottawa-based Mitel’s shareholders will receive $11.15 per share in cash, representing a 10 percent premium to the stock’s Monday closing. The company’s U.S.-listed shares were trading above the offer at $11.64 before the opening bell.

Excluding Mitel’s net debt, the deal is worth about $1.34 billion, according to Thomson Reuters calculation.

The deal is expected to close in the second half of 2018.

Jefferies LLC is the financial adviser to Mitel, while Evercore is the lead financial advisor to Searchlight.

Reporting by John Benny in Bengaluru; Editing by Saumyadeb Chakrabarty

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