Avaya announced the successful completion of the sale of its entire 59.13% stake in AGC Networks Ltd. for approximately US$ 44.5 million, as initially announced on 30 May, 2010. Completion of the sale had been subject to customary closing conditions, including those required by Indian law.
As previously stated, the sale of its AGC Networks stake will enable Avaya to drive additional focus on two of its strategic imperatives: the development of the Avaya business in India and the growth and extension of its channel coverage model through Avaya’s global channel program, Avaya Connect. AGC Networks will remain an important channel partner of Avaya serving customers in the India market, one of the fastest growing enterprise communications markets in the world, and in Australia.
As part of today’s announcement, the Avaya Directors on the Board of AGC Networks have stepped down.
“This is an important day for everyone at AGC Networks, as they embark on a new chapter in the company’s history,” said Jangoo Dalal, Managing Director, Avaya India. “The AGC Networks relationship remains an important part of Avaya’s success in India and Australia, and we look forward to continuing to support our combined customers – both existing and new – with business collaboration solutions.”
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