In one of the worst kept secrets, today Mitel announced its intent to acquire Polycom for approximately $1.96B in cash and stock. The possibility of a deal first came to light with an open letter from investor Elliot Management in October 2015 urging Polycom to make a deal with Mitel. Elliot Management owns a 6.6% interest in Polycom and a 9.7% interest in Mitel and had a vested interest in seeing this deal close. Though Mitel has made a number of acquisitions over the past 5 years, this is its largest and its first of a company that is larger in terms of revenue. Mitel and Polycom have been in discussions regarding a potential merger/acquisition for the past year. The new company will be led by Mitel CEO Rich McBee with headquarters in Canada after the deal closes in 3Q16. As of now, the plan is to keep Polycom as a separate brand, particularly for the IP handsets.