TSC Staff
Avaya (AV Quote - Cramer on AV - Stock Picks) joined the private-equity buyout parade, agreeing late Monday to a $17.50-a-share deal with Silver Lake and TPG.
The Basking Ridge, N.J., communications company said the $8.2 billion deal offers a 28% premium to its share price before news of talks emerged just before Memorial Day. "In addition to delivering compelling value for our shareholders, the partnership with Silver Lake and TPG also creates clear value for Avaya employees and customers," said CEO Louis J. D'Ambrosio. "The investment in our people and technology and the operating structure will enable us to extend our technology and services leadership and continue to deliver the 'gold standard' of communication solutions in the industry."
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