Xura To Buy Mitel Mobile, Ranzure Networks; Names Pardeep Kohli CEO

(RTTNews) - Xura, Inc., a provider of digital communications services, announced Monday that its affiliates have entered into definitive agreements to acquire Mitel Mobility, Inc., a division of Mitel Networks Corp. (MITL, MNW.TO), and Ranzure Networks, Inc.

Mitel Mobile, formerly Mavenir Systems, is a provider of Voice-over-Long-Term Evolution or VoLT, Voice-over-WiFi or VoWiFi, video, and other services.

Ranzure, founded by former Mavenir Systems CEO Pardeep Kohli, is an early-stage venture focused on developing 5G Cloud Radio Access Network or RAN technology.

The transactions are subject to customary closing conditions. Upon completion of the deals, Mitel Mobile and Ranzure will become wholly owned by affiliates of Xura. The transactions are currently expected to close in the first quarter of 2017.

Xura Board of Directors has appointed Pardeep Kohli, formerly CEO of Mitel Mobile's predecessor Mavenir Systems and Co-Founder and CEO of Ranzure Networks, to succeed Philippe Tartavull as CEO of Xura, effective today.

Upon completion of the deals, Kohli will serve as the CEO of the combined company. Mitel Mobile President, BG Kumar, will join Kohli's management team and former CTO of AT&T and former President of AT&T Labs, Krish Prabhu, will join the Board of Directors of the combined company.

The combined company will operate from Dallas, Texas.