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Business & Economy
Tue November 8, 2011
Private Equity Group Buying Tekelec
A major take-over is in the works in the North Carolina technology sector.
Morrisville-based Tekelec is a mobile broadband solutions company with 25 offices worldwide. Its expertise is helping phone companies enable text messaging. But Reuters reports, the company is shifting to newer products, like data and video for 3-G and Long-Term Evolution networks. The take-over announced Monday was led by The Siris Capital – a private equity firm. The deal is worth 780-million dollars. But shares rose above the buy-out price yesterday, possibly attracting other suitors. Currently there are 625 workers at the Tekelec Morrisville headquarters – 12-hundred-50 workers worldwide.