June 4 (Bloomberg) -- Avaya Inc. shares rose after the New York Times reported that the computer networking company agreed to be bought by Silver Lake Partners and TPG Inc. for $8 billion.

Shareholders will get about $17 a share in the deal, which may be announced as early as today, the Times said, citing unidentified people familiar with the transaction. That's 5.7 percent more than the stock's closing price on June 1.

The purchase would give the buyout firms the world's biggest maker of corporate phone equipment, competing head to head with Cisco Systems Inc. in the $5 billion market for Web- based gear. In the past month, buyout firms have targeted other technology and communications companies including Acxiom Corp., Alltel Corp. and CDW Corp.

The stock rose 41 cents to $16.49 in early trading after closing at $16.08 in New York Stock Exchange trading on June 1.

The shares rose to their highest in more than two years last week after the Wall Street Journal reported that Basking Ridge, New Jersey-base Avaya was in talks with Silver Lake and close to a deal.

To contact the reporter on this story: Adam Satariano in San Francisco at asatariano1@bloomberg.net; Julie Alnwick in Toronto at jalnwick@bloomberg.net

Last Updated: June 4, 2007 06:54 EDT