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US: Xura agrees to be acquired for $643 million by Siris Capital

 |  May 23, 2016

Xura revealed Monday that reached a definitive agreement to be acquired by Siris Capital Group affiliates. According to the company, the transaction reflected an equity value of about $643 million. Aside from that, as part of the transaction, its current credit facility would be refinanced.

Xura said that based on the agreed terms and conditions, Siris would buy all of the outstanding shares of its common stock for $25.00 per share in cash. This represented a 19.2 percent premium from the Friday’s closing price and 14.8 percent premium over the 30-day volume-weighted average closing stock price.

Siris Capital Executive Partner, Hubert de Pesquidoux, commented about the transaction saying: “Xura has a strong, credible history in delivering communications services to CSPs globally, and will continue to have long-term value for the digital ecosystem as the company evolves. We see great potential and talent within the organization, and we are excited to partner with Xura to build a business with digital innovation and customers at its core. Importantly, Siris has an extensive history of successfully operating businesses that provide mission-critical products to CSPs and understands that continued investment and customer partnership are instrumental to delivering world-class solutions.”

Full Content: Benzinga

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