Story by Ingrid Lunden, TechCrunch
After failing to complete its $1.96 billion merger with Polycom earlier this year when Polycom instead got acquired by Siris Capital for $2 billion, today Mitel Networks began the process of streamlining its business to go forth alone, or find another acquisition or merger as a simpler company.
Today Mitel announced that it would divest Mitel Mobility, its mobile operations, to Xura for $360 million in cash, plus a $35 million non-interest bearing promissory note and an equity interest in Sierra Private Investments L.P., the limited partnership that will own both Xura and the mobile division. Mitel plans now to focus its business more squarely on unified communications.
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