Polycom Announces Completion Of Acquisition By Siris Capital Affiliates

(RTTNews) - Polycom, Inc. (PLCM) announced the completion of its acquisition by affiliates of Siris Capital Group, LLC in a deal worth about $2.0 billion in cash. Polycom's stock will cease trading on the Nasdaq under the ticker symbol PLCM, effective Tuesday. Polycom stockholders will receive $12.50 per share in cash.

Mary McDowell is appointed as CEO to succeed Peter Leav. Prior to joining Polycom, McDowell was an executive partner at Siris Capital and was formerly the EVP of Mobile Phones at Nokia.

Daniel Moloney, executive partner of Siris Capital said, "We will enhance Polycom's strategy to lead the market in audio, video and content collaboration solutions..."

Upon closing of the deal, the company will continue to operate as Polycom, Inc., wholly owned by affiliates of Siris Capital.