Mitel is Acquired by Searchlight Capital Partners
April 26, 2019
As announced publicly at the end of 2018, the big news for Mitel was the completion of the deal with Searchlight Capital Partners, L.P. to be acquired and become a private company once again. Affiliates of funds advised by Searchlight acquired all of the outstanding common shares of Mitel for US$11.15 per share in cash, without interest and less any applicable withholding taxes. This included all shares held by Wesley Clover.
Rich McBee, President and Chief Executive Officer of Mitel, said, “We are pleased to have completed this transaction and are excited for Mitel to begin this new chapter. Searchlight shares our vision to continue our move-to-the-cloud strategy, and we look forward to working with them to drive the next phase of success for our customers, partners and employees.”
With the completion of the transaction, all shares in the company ceased trading and were delisted on both the Toronto Stock Exchange and the NASDAQ exchange. Mitel also ceased to be a reporting issuer under applicable Canadian securities laws. Per the sentiments expressed by Mr. McBee above, we look forward to a successful future for the company under the new corporate structure. mitel.com