Following persistent rumors the company might be for sale, telecom equipment maker Avaya announced today it is being acquired by private equity firms Silver Lake and TPG Capital for some $8.2 billion.
"After an extensive review of Avaya’s strategic alternatives with Avaya management and our financial advisors, the board of directors of Avaya determined that this transaction with Silver Lake and TPG provides the best value for Avaya’s shareholders," said Phil Odeen, non-executive chairman of Avaya’s board of directors.
Silver Lake and TPG were known to be contenders for Avaya; other bidders includes Nortel Networks and Cisco Systems, according to reports in the Wall Street Journal.
