On August 16, 2007, Mitel Networks Corporation and Inter-Tel (Delaware), Incorporated announced the completion of their US$723 million merger. As a result of the merger, Inter-Tel is now a wholly-owned subsidiary of Mitel(R) and Inter-Tel stockholders will receive $25.60 in cash for each Inter-Tel share they held prior to the closing. The transaction was funded by a combination of equity and debt. The equity component was led by Francisco Partners with participation by Morgan Stanley Principal Investments. The debt funding was arranged by Morgan Stanley on behalf of Mitel. Fasken Martineau acted as Canadian counsel to Morgan Stanley in connection with the financing with a team consisting of John Torrey and David Ferris (banking) and Kathleen Hanly (tax).