RingCentral acquires Mitel CloudLink IP for $650M, becomes exclusive UCaaS partner; Searchlight invests $200M

RingCentral, Inc.

RingCentral pays $650M ($300M cash, ~$300M stock, up to $50M holdback) for CloudLink and MiCloud Connect IP from Mitel.
RingCentral becomes Mitel's exclusive UCaaS provider; Mitel sells RingCentral MVP to its 35M+ user base.
Affiliate of Searchlight invests $200M in RingCentral Series A Convertible Preferred Stock (conversion price $269.22).
CloudLink technology enables Mitel on-prem PBX users to integrate with RingCentral MVP, providing a seamless migration path.
Multi-year Framework Agreement; RingCentral to pay Mitel compensation in cash and/or Class A common stock for sales.

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