Private-equity Firm Siris Capital Agrees To Buy Polycom In $2.0 Billion Deal

By Markets MarketWatch Pulse

Private-equity firm Siris Capital Group LLC has agreed to acquire Polycom Inc. in a $2.0 billion cash deal, that has obliged Polycom to end a previously agreed merger with Mitel Networks Corp. , the companies said Friday. Siris will pay $12.50 per Polycom share, equal to a premium of 13.6% to the current value of Mitel's offer, based on its closing share price Thursday. Polycom, which offers audio and video services to enterprises, "fits well with Siris' investment focus on mission-critical telecommunications businesses," said Dan Moloney, Siris executive partner in the statement. Mitel shares were suspended premarket for the news, while Polycom shares jumped 8%.

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