Tuesday, 2 October 2007

Avaya Confirms Stockholder Approval of Acquisition

Business communications applications, software and services provider Avaya said yesterday that at the company’s special meeting of stockholders held Friday, September 28, 2007, in Wilmington, Delaware, the company’s stockholders voted to adopt the merger agreement providing for the acquisition of Avaya by affiliates of Silver Lake Partners and TPG, two private equity firms.

Avaya also announced that all regulatory approvals required to complete the transaction have been obtained, including the receipt of clearance from the European Commission.

On June 4, 2007, Avaya entered into a definitive agreement with an entity formed by Silver Lake Partners and TPG providing for the acquisition of the company. The transaction is expected to be completed by the end of October 2007, subject to the satisfaction or waiver of certain closing conditions.

Under the terms of the merger agreement, Avaya stockholders will be entitled to receive 17.50 dollars per share in cash for each share of the company’s common stock, without interest.