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Mitel reaches deal to buy Aastra

telecom | 11/11/2013 7:27 pm EST

Mitel Networks Corp., an Ottawa-based telecommunications technology firm, said Monday it reached a deal to purchase Aastra Technologies Ltd., headquartered in the Greater Toronto Area. It said the deal is worth $392 million in cash and stock, and has the unanimous approval of both companies’ boards of directors. Mitel’s specialties include providing software and services that allow business to be conducted from anywhere, often through the use of cloud technology. Aastra’s focus is on enterprise communications technology. The combined companies' revenues will total more than $1 billion US annually, Mitel said. It added that the larger company, after the deal closes, would continue to be headquartered in Ottawa and maintain the Mitel name, though it would still use the Aastra brand, which has strong recognition in Europe....