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Canadian telecommunications and cloud computing host Mitel is buying US videoconferencing giant Polycom for nearly US$2 billion in cash and stock, the companies announced Friday.

Polycom stockholders will receive US$3.12 in cash and 1.31 Mitel shares for each Polycom share, according to a statement.

The merged company will operate under the Mitel name and be headquartered in Ottawa, but will also maintain the well-established Polycom brand.

The deal, which still requires regulatory approval, is expected to close in the fall.

The combined company will boast 7,700 employees worldwide and revenues of about $2.5 billion.

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