M&A advisor questions whether Avaya buyout will pay off

Steve Rosenbush

I thought that TPG and Silver Lake's $8.2 billion buyout of corporate phone-maker Avaya made a lot of sense. Sure, the company is in a tough business and faces competition from all sides, but buyout firms are supposed to be good at mananging those challenges. Telecom deal advisor Paul Bowen, founder of Bowen Advisors, in Cohasset, Mass., is more skeptical. He sent me a long email questioning the wisdom of the deal. Thanks, Paul. I'm passing along the full text of his analysis. What do other people think?

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