SOURCE: Avaya

Avaya

May 31, 2017 14:36 ET

Extreme confirmed as the Successful Bidder for Avaya's Networking Business

SANTA CLARA, CA--(Marketwired - May 31, 2017) - Avaya Inc. today announced that the U.S. Bankruptcy Court for the Southern District of New York has approved the sale of Avaya's Networking business to Extreme Networks, Inc. (NASDAQ: EXTR) ("Extreme") for a total transaction value of approximately $100 million, subject to adjustments.

The sale is subject to customary closing conditions and certain post-closing purchase price adjustments.

Commenting on the announcement, Avaya Networking SVP and GM Marc Randall said:

"This is great news. The Avaya networking business will become part of a company exclusively focused on networking and addressing the needs of our networking customers. By combining Avaya Networking's innovative products and solutions with Extreme's industry leading portfolio, we will enable customers to compete in new ways with more advanced and competitive solutions.

"As we work through integration planning, it is business as usual. We will work closely with our customers, partners and stakeholders while continuing to meet their needs for secure, high-performance networking solutions," Randall said. "Through deal close and beyond, we will deliver on our stated customer commitments and maintain high levels of service and support. We will ensure our customers can fully leverage their existing Avaya investment as they benefit from the complementary capabilities of the Avaya and the Extreme portfolio of products and services."

Partners also benefit from this announcement.

"Avaya channel partners will benefit by working with a vendor focused on the networking space and by having access to a more competitive end-to-end portfolio," said David Raftery, Managing Partner, Integration Partners. "The combined portfolio capabilities of Extreme and Avaya will offer the marketplace industry-leading solutions as companies address digital transformation."

The transaction is expected to close on or shortly after July 1, 2017.

About Avaya
Avaya enables the mission critical, real-time communication applications of the world's most important operations. As the global leader in delivering superior communications experiences, Avaya provides the most complete portfolio of software and services for contact center and unified communications with integrated, secure networking -- offered on premises, in the cloud or a hybrid. Today's digital world requires some form of communications enablement, and no other company is better positioned to do this than Avaya. For more information visit www.avaya.com

Cautionary Note Regarding the Chapter 11 Cases

The Company's security holders are cautioned that trading in securities of the Company during the pendency of these Chapter 11 cases will be highly speculative and will pose substantial risks. It is possible some or all of the Company's currently outstanding securities may be cancelled and extinguished upon confirmation of a restructuring plan by the Bankruptcy Court. In such an event, the Company's security holders would not be entitled to receive or retain any cash, securities or other property on account of their cancelled securities. Trading prices for the Company's securities may bear little or no relation to actual recovery, if any, by holders thereof in the Company's Chapter 11 cases. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.

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