Mitel Networks Corp. (Nasdaq: MITL) agreed to buy Polycom Inc. (Nasdaq: PLCM) for cash and stock in a deal valued at about $1.96 billion to expand in the market for conferencing and video collaboration.

Polycom stockholders will be entitled to $3.12 in cash and 1.31 Mitel common shares for each common share of Polycom. That’s $13.68, based on the closing price of Mitel on April 13, the company said in a statement. The price represents an 11 percent premium compared with Polycom’s close of $12.27 on Thursday in New York.

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