Affiliates of Massachusetts-based Xura Inc. have agreed to buy Mitel Mobile, the mobile business of Richardson-based Mitel Inc., in a deal that will land the headquarters of the new combined company in Dallas.
The Dallas Business Journal reported that the deal is for $350 million in cash, a $35 million non-interest promissory note, and an equity interest in Sierra Private Investments LP, the combined company’s new owner.
Siri Capital Group acquired Xura (Nasdaq: MESG) earlier this year in a deal valued at $643 million. Siri outbid Mitel’s $2 billion offer for Polycom, the San Jose, California-based tech company after both sides had reached an agreement in April, the Business Journal reported.
In 2015, Mitel had acquired Richardson-based Mavenir Systems, forming Mitel Mobile. The new deal announced Monday will bring back Mavenir’s CEO, Pradeep Kohl, who will head the new combined company. Also, Kohl’s new venture, Ranzure Networks, will follow him to the new company.
Also, Mitel Mobile President BG Kumar will join the combined company, and ex-AT&T Chief Technology Officer Krish Prabhu will join the new company’s board of directors.
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