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Avaya to be bought for $8.2 billion

June 05, 2007|From Times Wire Services

Silver Lake Partners and TPG Inc. agreed to buy Avaya Inc. for $8.2 billion in the largest leveraged buyout of a computer-networking company.

Avaya shareholders will receive $17.50 a share, the Basking Ridge, N.J.-based company said. That's 4.7% more than Monday's closing price of $16.72 and 28% more than the price before speculation about the purchase surfaced.

The deal gives the buyout firms the world's biggest maker of corporate phone equipment, letting them go head to head with Cisco Systems Inc. in the $5-billion market for Web-based gear.

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