Santa Clara, Calif. – May 31, 2017 — Avaya Inc. today announced that the U.S. Bankruptcy Court for the Southern District of New York has approved the sale of Avaya’s Networking business to Extreme Networks, Inc. (Nasdaq: EXTR) (“Extreme”) for a total transaction value of approximately $100 million, subject to adjustments.

The sale is subject to customary closing conditions and certain post-closing purchase price adjustments.

Commenting on the announcement, Avaya Networking SVP and GM Marc Randall said:

"This is great news. The Avaya networking business will become part of a company exclusively focused on networking and addressing the needs of our networking customers. By combining Avaya Networking’s innovative products and solutions with Extreme’s industry leading portfolio, we will enable customers to compete in new ways with more advanced and competitive solutions.

"As we work through integration planning, it is business as usual. We will work closely with our customers, partners and stakeholders while continuing to meet their needs for secure, high-performance networking solutions," Randall said. "Through deal close and beyond, we will deliver on our stated customer commitments and maintain high levels of service and support. We will ensure our customers can fully leverage their existing Avaya investment as they benefit from the complementary capabilities of the Avaya and the Extreme portfolio of products and services."

Partners also benefit from this announcement.

“Avaya channel partners will benefit by working with a vendor focused on the networking space and by having access to a more competitive end-to-end portfolio” said David Raftery, Managing Partner, Integration Partners. “The combined portfolio capabilities of Extreme and Avaya will offer the marketplace industry-leading solutions as companies address digital transformation."

The transaction is expected to close on or shortly after July 1, 2017.