Newspaper article The Canadian Press

Mitel Networks Selling Mobile Division Two Years after Getting into the Business

Newspaper article The Canadian Press

Mitel Networks Selling Mobile Division Two Years after Getting into the Business

Article excerpt

Mitel Networks to sell mobile division

--

OTTAWA - Mitel Networks Corp. (TSX:MNW) says it will sell its mobile division less than two years after it acquired the business.

The Ottawa-based company announced Monday it will receive US$350 million cash, a US$35-million promissory note and an equity interest in Sierra Private Investments, a limited partnership that will own the business and Xura, a digital communications services firm.

Mitel said it wanted to focus on growing its cloud-based communications business.

"Employees and customers of the mobile division will benefit by being part of a large carrier-focused company with the size, scale and support infrastructure needed to truly compete for and drive the next wave of 4G/5G innovation," Mitel CEO Rich McBee said in a statement. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.