Triangle's Tekelec acquired for $780M

November 7, 2011 5:43:49 AM PST
A Triangle mobile broadband solutions company is being acquired for about $780 million.

Morrisville's Tekelec announced Monday that they have entered in a definitive agreement to be acquired by a consortium led by Siris Capital Group, LLC ("Siris").

The company said under the terms of the agreement, all outstanding shares of Tekelec's common stock will be acquired for $11 per share in cash, representing an 11 percent premium over the closing price on Friday, and a 38 percent premium over the 30 day trading average closing price of Tekelec common stock.

The deal is expected to close during the first quarter of 2012, pending shareholder approval, regulatory approvals and customary closing conditions.

Tekelec's management team is expected to remain in place, and Merle Gilmore - former President of Motorola's Communications Enterprise and Chairman of the Board of Airvana Network Solutions Inc. - will serve as Tekelec's Executive Chairman following the closing.

Tekelec connects people and devices to the mobile Internet. The company has more than 25 offices around the world serving customers in more than 100 countries.

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