Xura, a provider of digital communications services, has entered into a definitive agreement to be acquired by affiliates of Siris Capital Group in a transaction reflecting an equity value of approximately $643 million. As part of the transaction, Xura’s existing credit facility will be refinanced.

Siris secured committed financing consisting of a combination of equity and debt. The equity financing will be provided by affiliates of Siris, and the debt financing will be provided by Cerberus Business Finance.

Goldman Sachs is acting as financial advisor and DLA Piper (U.S.) is acting as legal advisor to Xura in connection with the transaction. Guggenheim Securities is acting as financial advisor, and Sidley Austin is acting as legal advisor to Siris.

Under the terms of the agreement, Xura may solicit alternative acquisition proposals from third parties during a 45-day “go-shop” period, following the date of execution of the merger agreement. There is no guarantee that this process will result in a superior proposal, and the merger agreement provides Siris with a customary right to match a superior proposal.