Paul Singer Raises Mitel Networks Corporation (MITL) Stake To 6.7%

Paul Singer’s Elliott Associates has filed a 13G with the U.S. Securities and Exchange Commission, reporting ownership of 8.66 million shares of Mitel Networks Corporation (NASDAQ:MITL), which marks an increase of 4.77 million shares from the fund’s previous position revealed in the 13F filing for the second quarter. In this way, Elliott currently owns  6.7% of the high-tech company’s outstanding stock.

Elliott Associates is a New York-based hedge fund founded by Paul Singer in 1977, which makes it one of the oldest hedge funds under continuous management. Elliott Associates, in consort with hedge fund Elliot International, forms the well-known Elliott Management Corporation, which oversees more than $23 billion in assets under management. Elliott Associates employs an activist investing approach, usually acquiring stakes in distressed or undervalued companies and pushing for changes so as to unlock shareholder value. As stated by the fund’s most recent 13F filing, Elliott Associates manages a public equity portfolio with a market value of $7.13 billion as of June 30.

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Mitel Networks Corporation (NASDAQ:MITL) is a global provider of business communications and collaboration software and services. The company’s products include applications and mobility options that optimize businesses and assist companies in becoming more productive. Mitel has been recognized by Gartner as a leader in the latest Magic Quadrant (MQ) for Unified Communications (UC), but it seems that this is not completely reflected in the stock price of the company, which has slumped by 24% year-to-date and there are no clear signs that suggest a potential turnaround in the near future. Aside from Elliott, Jim Simons’ Renaissance Technologies owns 1.27 million shares of Mitel Networks, down by 454,112 shares over the second quarter. Meanwhile, Carlson Capital, founded by Clint Carlson, initiated a stake with 724,860 shares during the second quarter.