Avaya Shareholders OK Buyout

NEWARK, N.J. (AP) – Shareholders of communications and software company Avaya Inc. voted to take the company private Friday, selling it for $8.2 billion to two private equity groups.

The company announced in June that it accepted a buyout offer from Silver Lake and TPG.

Avaya shareholders will get $17.50 a share.

The company said it has received all regulatory approvals to complete the deal and expects to close the sale by the end of October.

Avaya's debt level when it goes private was not immediately available.

Avaya, based in Basking Ridge, was spun off from the former Lucent Technologies Inc. in September 2000.

Avaya shares rose 4 cents to $17 in midday trading. Shares have jumped more than 25 percent since word of the deal leaked in late May.