BASKING RIDGE, N.J.- Avaya Inc on Monday announced that it entered a merger agreement with investment firm Silver Lake and private investment partnership TPG Capital for $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 to Avaya’s shareholders,” said Phil Odeen, non-executive chairman of Avaya’s board of directors.
The transaction is expected to be completed in the fall of 2007.
Avaya has 50 days to solicit proposals from third parties and respond to unsolicited proposals.