Mitel Gets FTC Approval for Proposed Polycom Acquisition

Mitel

, which is a global leader in real-time business, cloud and mobile communications, revealed that the Federal Trade Commission gave its approval for the planned acquisition of Polycom. As a result, the company revealed the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) for its acquisition announced on April 15. According to the company, termination of the HSR Act waiting period satisfied one of the conditions to the closing of the pending transaction. The company added that the transaction is expected to close in the third quarter of the current year and remains subject to other customary closing conditions. That included shareholder and other regulatory approvals. Mitel said that its combination with Polycom would establish a fresh industry leader with about 7,700 employees, leveraging its recognized leadership as a pioneer in global communications with Polycom's well-known premium brand. The two company's combination is also well placed for industry-leading portfolio in the voice and video collaboration market. The two firms would have the scale and a differentiated portfolio to allow expansion throughout the evolving enterprise communications market. The stock traded 2.22 percent on Thursday.