Mitel's $2bn sale to Searchlight aids move to cloud says Chairman Terry Matthews

Canadian vendor Mitel is to be acquired by an investor group led by affiliates of Searchlight Capital Partners for $2bn. Mitel co-founder and Chairman Terry Matthews said: "We believe this transaction will provide Mitel with additional flexibility as a private company to pursue the company's move-to-the-cloud strategy."

Mitel CEO Rich McBee added: "This transaction is an exciting next step in our multi-year transformation. As a private company, and with the strategic and capital support of the Searchlight funds, we will have greater flexibility to manage the transition in our market, accelerate our strategy, and drive the next phase of success for our customers, partners and employees."

The transaction is expected to close during the second half of 2018.