Avaya taken private by investment companies

By Lisa Kerner

Charlotte, N.C., Oct. 26 - Affiliates of Silver Lake Partners III, LP and TPG Partners V, LP completed their acquisition of Avaya, Inc. in an $8.3 billion deal to take the company private.

"As a private company, working with Silver Lake and TPG, we have an unprecedented opportunity to accelerate our strategy, act boldly in the marketplace, and serve our customers with even greater innovation and responsiveness," Avaya president and chief executive officer Lou D'Ambrosio said in a company news release.

Avaya stockholders will receive $17.50 cash per share in the transaction, which they approved at a special meeting on Sept. 28. The company's stock ceased trading on the New York Stock Exchange on Friday.

Avaya is a Basking Ridge, N.J.-based provider of communication systems, applications and services.

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