(MORRISVILLE) --  Tekelec has entered into a definitive agreement to be acquired by a private equity firm. The deal is valued at about $780 million. Under the terms of the agreement, all outstanding shares of the Morrisville telecommunications equipment and software company's common stock will be acquired for $11.00 per share.

Tekelec’s management team is expected to remain in place, and Merle Gilmore, former President of Motorola’s Communications Enterprise and Chairman of the Board of Airvana Network Solutions Inc., will serve as Tekelec’s Executive Chairman following the closing.

“Our customers can expect the same level of innovation and quality from our market leading products and our global team,” said Ron de Lange, President and CEO of Tekelec. “In addition, the acquisition will provide us even greater flexibility to deliver best-in-class solutions for the mobile data and video market, with an unwavering focus on our global installed base of over 300 customers.”

The deal is expected to close during the first quarter of 2012, pending shareholder approval, regulatory approvals and customary closing conditions.