Mitel officially merges with Aastra

Mitel Networks (TSX:MNW) has completed a previously announced $392-million merger with Aastra Technologies, the companies announced late Friday.

The deal will create a company that Mitel says will have US$1.1 billion of combined revenue and 60 million customers worldwide.

The higher revenues “creates the financial scale and operational leverage to drive shareholder value and profitable growth in an opportunity-rich consolidating market," said Richard McBee, president and CEO of Mitel, in a press release.

"We now have double the talent, tools and range of solutions to aggressively compete for a greater share of our market."

On Friday the company also announced that it had completed a $405 million credit facility. It will consist of a $355 million term loan that matures in 2020 and an undrawn $50 million revolving credit facility that matures in 2019.

The new credit facility was used in part to finance the Aastra deal, the company press release said.