(Telecompaper) Mitel has agreed to buy ShoreTel for USD 7.50 per share in cash, translating into a total equity value of USD 530 million and a total enterprise value of USD 430 million. The purchase price represents a 28 percent premium to ShoreTel's closing share price on 26 July, before the offer was made. Mitel said the acquisition will accelerate its move to the high-growth Unified Communications as a Service market, propelling it into second place worldwide, and more than doubling Mitel UCaaS revenue to USD 263 million.