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Newbridge billionaire buys Mitel Networks

Going to build a £5bn VoIP business

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Wales' first billionaire, Terry Matthews, has bought back comms outfit Mitel Networks, a division of the Mitel company he founded in 1972.

He's paid £160 million for the business.

Paul Butcher, who's been recruited as CEO of the Mitel Networks, said the business was committed to building on its development work in voice over IP.

Matthews plans to float Mitel Networks in 18 months time, after investing another £100 million in it, and expects it to be valued at £5 billion by then.

Matthews made £1 billion selling Newbridge Networks to Alcatel last year. ®

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