Avaya Shareholders Agree to $8.2B Buyout

Shareholders of Avaya Inc. voted Friday to take the communications and software company private, selling it for $8.2 billion to two private equity groups.

The deal is expected to be completed by the end of October.

The company announced in June that it accepted a buyout offer from affilaites of Silver Lake Partners and TPG.

Avaya shareholders will get $17.50 a share.

The company said it has received all regulatory approvals to complete the deal.

The amount of debt to be carried by Avaya was not disclosed, spokeswoman Lynn Newman said. A regulatory filing said the buyers have commitments from banks to provide up to $6 billion in debt financing.

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Avaya, based in Basking Ridge, was spun off from the former Lucent Technologies Inc. in September 2000.

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Avaya shares closed unchanged at $16.96 Friday. Shares have jumped more than 25 percent since word of the deal leaked in late May.

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On the Net: http://www.avaya.com