MITEL NETWORKS CORPORATION (NASDAQ:MITL) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01. Completion of Acquisition or Disposition of Assets.

On February 28, 2017, Mitel Networks Corporation (“Mitel”) completed the previously-announced sale of its mobile division (the “Mobile Division”) to Mavenir Private Holdings III LLC, formerly known as Sierra Private Holdings III LLC (the “Buyer”), to the terms of that certain Stock Purchase Agreement dated as of December 18, 2016 (the “Agreement”), by and among Mitel, Mitel US Holdings, Inc., a wholly owned subsidiary of Mitel (the “Seller”), Mavenir Systems, Inc., formerly known as Mitel Mobility Inc. (“Mitel Mobility”), the Buyer and, solely for the purposes of certain sections specified therein, Sierra Private Investments, L.P. (“Sierra Investments”). to and subject to the terms and conditions of the Agreement, the Seller sold, and the Buyer purchased, all of the outstanding shares of common stock of Mitel Mobility (the “Sale”) for a purchase price consisting of approximately $350 million in cash, a $35 million promissory note and equity units in Sierra Investments. The cash portion of the purchase price is subject to post-closing adjustments. On March 1, 2017, cash proceeds from the Sale were used to pay down $338 million principal amount of indebtedness outstanding under Mitel’s and the Seller’s credit agreement.

The foregoing description of the Agreement and the Sale does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Agreement, a copy of which was filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on December 22, 2016 and incorporated herein by reference.

Mitel’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 1, 2017 present the Mobile Division as a discontinued operation as of and for the period ended December 31, 2016. Consequently, pro forma financial statements, which give effect to the disposition of the Mobile Division, are not required to be filed with this Current Report on Form 8-K.

About MITEL NETWORKS CORPORATION (NASDAQ:MITL)

Mitel Networks Corp is a Canada-based provider of business communications and collaboration software, services and solutions. The Company operates through three segments: Enterprise, Cloud and Mobile. The Enterprise segment sells and supports products and services for premise-based customers. The Cloud segment sells and supports products that are deployed in a cloud environment. The Mobile segment sells and supports software-based telecommunications networking solutions that enable mobile service providers to deliver IP-based voice, video, rich communications and enhanced messaging services to their subscribers. The Company’s product portfolio includes premises and cloud-based enterprise communications infrastructure products and solutions, unified communications and collaboration (UCC) and contact center applications and a range of service offerings.

MITEL NETWORKS CORPORATION (NASDAQ:MITL) Recent Trading Information

MITEL NETWORKS CORPORATION (NASDAQ:MITL) closed its last trading session down -0.03 at 6.59 with 566,163 shares trading hands.