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BASKING RIDGE, N.J. (AP) - Telecommunications company Avaya Inc. said Monday night that it has agreed to an $8.2 billion buyout from private equity firms Silver Lake and TPG Capital.
Under the agreement, Avaya shareholders will receive $17.50 in cash per share, which is a 28 percent premium over Avaya's closing share price on May 25, the last trading day before reports that Avaya was negotiating to sell all or part of the company.
Avaya shares climbed 64 cents, or 4 percent, to $16.72 Monday after rising steadily this year in anticipation of a buyout. The stock has traded from $8.85 to $16.25 in the last 52 weeks.
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