(Telecompaper) Mitel has signed a definitive deal to take over networking equipment provider Mavenir Systems for USD 560 million. Mitel will acquire all of Mavenir's outstanding shares in a cash and stock deal. Mavenir stockholders will get either all-cash or all-stock for each Mavenir share, with a value of USD 11.08 plus 0.675 of a Mitel common share, or USD 17.94 based on the Mitel closing price on 27 February. Upon closing, Mavenir will become the mobile business division of Mitel, operating under the brand Mavenir. Pardeep Kohli will join Mitel in the role of Mavenir president, reporting to Rich McBee. With the acquisition, Mitel expects to expand its total addressable market by USD 14 billion by 2018, and be well positioned to capitalize on increasing demand for LTE services. The deal extends Mitel's service provider and mobile operator footprint to over 130 operators, including 15 of the top 20 mobile carriers worldwide, covering 2 billion subscribers. Mitel said it will finance the deal using cash on hand and with proceeds from new senior secured credit facilities.