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Kanata-based Mitel has agreed to be acquired by an American investment firm in a $2-billion cash deal designed to take the company private.
The deal, announced early Tuesday, will see Mitel shareholders receive $11.15 per share, which puts the firm’s market capitalization at $1.35 billion. As part of the deal the American investor, Searchlight Capital Partners, L.P., will also assume all of Mitel’s corporate debt.
The news of the acquisition, which is expected to close in the second half of 2018, sent Mitel’s shares up by as much as 14 per cent in pre-market trading on Tuesday. The firm’s shares closed at $10.16 on the TSX Stock Exchange on Monday.
At $11.15, the acquisition price per share for Mitel’s outstanding stock marks a valuation that the company hasn’t seen since 2014.
“Mitel has succeeded for 45 years because of persistent innovation and relentless focus on delivering shareholder value. Our Board determined that this transaction, upon closing, will deliver immediate, significant and certain cash value to our shareholders,” said Terry Matthews, Mitel co-founder and chairman. “It also affirms the tremendous value and market leadership of Mitel. We believe this transaction will provide Mitel with additional flexibility as a private company to pursue the company’s move-to-the-cloud strategy.”
The news comes just two months after Mitel chief executive officer Rich McBee said he was pushing the pause button on his seven-year acquisition strategy, which had been aimed at expanding the company.
McBee said he would be focussing on working the assets of ShoreTel, a California-based rival that Mitel purchased last September for $430 million, into Mitel’s operations.
Since he joined Mitel as CEO in 2011, McBee has acquired a string of telecommunications firms with the goal of creating an industry powerhouse. Not all the deals were successful but the purchase of ShoreTel and Aastra Technologies of Toronto in 2013 gave McBee a sizeable operation with which to work.
In February, Mitel reported fourth-quarter revenues of $356 million, up 37 per cent year-over-year, thanks to the addition of ShoreTel’s results effective Sept. 25. Excluding ShoreTel from the equation, Mitel‘s revenues in the quarter were up a modest four per cent compared to the same period a year earlier.
These results understate the performance of Mitel, which is undergoing a profound shift in how its customers buy telecommunications technology. Instead of paying for hardware upfront, many clients are instead purchasing telecommunications services from Mitel as a cloud service, paying a bit at a time. This has the effect of depressing Mitel‘s revenues in the short term though over time the company’s financial picture should improve.
During this transition, McBee has been trying to squeeze as much cash as possible from operations — mainly by eliminating overlapping jobs following each of the acquisitions. For instance, Mitel employed 4,136 at yearend 2017 (including 550 or so at the Kanata headquarters) and this has already declined to 3,820 as the company combs through ShoreTel’s operations.
Mitel reported adjusted net income of $33.1 million (27 cents per share) in the fourth quarter compared to $27.3 million (22 cents per share) in the fourth quarter of 2016.
For the full fiscal year, Mitel‘s revenues reached $1.06 billion compared to $987.6 million in 2016 while adjusted earnings were $81.1 million (65 cents per share), an improvement over adjusted earnings in 2016 of $74.9 million (60 cents per share).
Debt of $612 million at year end remains relatively high.
Mitel forecast revenues for the current quarter will be in the range of $300 million to $320 million, compared to analysts’ previous consensus projection of $314 million. McBee also predicted his firm’s adjusted earnings will be somewhere between 7 cents per share and 13 cents per share, slightly below analysts’ forecasts.
As part of the acquisition agreement with Searchlight, Mitel confirmed that it will be releasing a set of financial statements detailing its performance during the first four months of 2018 on May 3.
The original Mitel was co-founded in Ottawa by Matthews and Michael Cowpland in 1973 and was publicly traded on the Toronto exchange before being taken private. Matthews left the firm in the mid-1980s to launch Newbridge Networks. After selling Newbridge in 2000, Matthews re-acquired control of Mitel. The company re-listed as a publicly traded firm on the TSX in 2012.
With files from James Bagnall
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The deal, announced early Tuesday, will see Mitel shareholders receive $11.15 per share, which puts the firm’s market capitalization at $1.35 billion. As part of the deal the American investor, Searchlight Capital Partners, L.P., will also assume all of Mitel’s corporate debt.
The news of the acquisition, which is expected to close in the second half of 2018, sent Mitel’s shares up by as much as 14 per cent in pre-market trading on Tuesday. The firm’s shares closed at $10.16 on the TSX Stock Exchange on Monday.
At $11.15, the acquisition price per share for Mitel’s outstanding stock marks a valuation that the company hasn’t seen since 2014.
“Mitel has succeeded for 45 years because of persistent innovation and relentless focus on delivering shareholder value. Our Board determined that this transaction, upon closing, will deliver immediate, significant and certain cash value to our shareholders,” said Terry Matthews, Mitel co-founder and chairman. “It also affirms the tremendous value and market leadership of Mitel. We believe this transaction will provide Mitel with additional flexibility as a private company to pursue the company’s move-to-the-cloud strategy.”
The news comes just two months after Mitel chief executive officer Rich McBee said he was pushing the pause button on his seven-year acquisition strategy, which had been aimed at expanding the company.
McBee said he would be focussing on working the assets of ShoreTel, a California-based rival that Mitel purchased last September for $430 million, into Mitel’s operations.
Since he joined Mitel as CEO in 2011, McBee has acquired a string of telecommunications firms with the goal of creating an industry powerhouse. Not all the deals were successful but the purchase of ShoreTel and Aastra Technologies of Toronto in 2013 gave McBee a sizeable operation with which to work.
In February, Mitel reported fourth-quarter revenues of $356 million, up 37 per cent year-over-year, thanks to the addition of ShoreTel’s results effective Sept. 25. Excluding ShoreTel from the equation, Mitel‘s revenues in the quarter were up a modest four per cent compared to the same period a year earlier.
These results understate the performance of Mitel, which is undergoing a profound shift in how its customers buy telecommunications technology. Instead of paying for hardware upfront, many clients are instead purchasing telecommunications services from Mitel as a cloud service, paying a bit at a time. This has the effect of depressing Mitel‘s revenues in the short term though over time the company’s financial picture should improve.
During this transition, McBee has been trying to squeeze as much cash as possible from operations — mainly by eliminating overlapping jobs following each of the acquisitions. For instance, Mitel employed 4,136 at yearend 2017 (including 550 or so at the Kanata headquarters) and this has already declined to 3,820 as the company combs through ShoreTel’s operations.
Mitel reported adjusted net income of $33.1 million (27 cents per share) in the fourth quarter compared to $27.3 million (22 cents per share) in the fourth quarter of 2016.
For the full fiscal year, Mitel‘s revenues reached $1.06 billion compared to $987.6 million in 2016 while adjusted earnings were $81.1 million (65 cents per share), an improvement over adjusted earnings in 2016 of $74.9 million (60 cents per share).
Debt of $612 million at year end remains relatively high.
Mitel forecast revenues for the current quarter will be in the range of $300 million to $320 million, compared to analysts’ previous consensus projection of $314 million. McBee also predicted his firm’s adjusted earnings will be somewhere between 7 cents per share and 13 cents per share, slightly below analysts’ forecasts.
As part of the acquisition agreement with Searchlight, Mitel confirmed that it will be releasing a set of financial statements detailing its performance during the first four months of 2018 on May 3.
The original Mitel was co-founded in Ottawa by Matthews and Michael Cowpland in 1973 and was publicly traded on the Toronto exchange before being taken private. Matthews left the firm in the mid-1980s to launch Newbridge Networks. After selling Newbridge in 2000, Matthews re-acquired control of Mitel. The company re-listed as a publicly traded firm on the TSX in 2012.
With files from James Bagnall
查看原文...
