Canada’s Mitel to buy Polycom for about $1.96 billion

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Canadian telecom services provider Mitel Networks Corp (MNW.TO) said it will buy U.S. peer Polycom Inc (PLCM.O) for about $1.96 billion in cash and stock.

Under the terms of the deal, Polycom stockholders will get $3.12 in cash and 1.31 Mitel shares for each share of Polycom common stock, or $13.68 based on the closing price of a Mitel common share on April 13.

(Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)