Xura, formerly Comverse, one of Israel’s leading high-tech company, has entered into a definitive agreement to be acquired by affiliates of Siris Capital Group, for $25.00 per share, a 19.2% discount on the shares closing price on Nasdaq, in an all-cash deal valued at approximately $643 million.
Before chnaging its name to Xura last year, Comverse sold its billing division to Amdocs for $272 million. It also transferred other units to Indian company Tech-Mahindra while acquiring UK company Acision for $402 million.
Under the terms of the agreement, Xura may solicit alternative acquisition proposals from third parties during a 45-day “go-shop” period, following the date of execution of the merger agreement. There is no guarantee that this process will result in a superior proposal, and the merger agreement provides Siris with a customary right to match a superior proposal.
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Philippe Tartavull, President and CEO of Xura, said, “Over the past year, the company has experienced unprecedented change, with the divestment of the Comverse BSS business and the combination of Comverse and Acision to form Xura. Siris’ acquisition of Xura is a strong endorsement of our transformation strategy and provides immediate value to our stockholders. Working in a private setting will allow greater flexibility to accelerate our strategy to bring best-in-class messaging, voicemail, security, and monetization solutions to our customers.”
