From Earlier: Polycom Announces Definitive Agreement to Divest Its Enterprise Wireless Voice Solutions Business for Approximately $110M to Sun Capital Partners Affiliate

Polycom, Inc.

yesterday announced a definitive agreement to divest its enterprise wireless voice solutions business to an affiliate of Sun Capital Partners, Inc. for gross proceeds of approximately $110 million in cash, subject to certain adjustments set forth in the agreement. The sale is expected to close within the third quarter of 2012, following the satisfaction of regulatory requirements and other customary closing conditions. Polycom's Board of Directors has approved an increase in its current share repurchase authorization to include net proceeds of approximately $104 million from this transaction, contingent upon the sale of the enterprise wireless voice solutions business and receipt of the net proceeds from the sale.