Dec 19 (Reuters) - Mitel Networks Corp MNW.TO
* Mitel signs definitive agreement to divest mobile business
* Mitel's board of directors has approved sale of mobile division
* Mitel Networks - as a result of divestiture, Mitel expects to record a significant write-down of goodwill relating to transaction in Q4 of 2016
* Mitel Networks Corp - as a result of divestiture, Mitel expects to record a significant write-down of goodwill relating to transaction in Q4 of 2016
* Mitel Networks Corp says has entered into a definitive agreement to divest its mobile division to parent company of Xura Inc
* Mitel Networks - deal for $350 million in cash, a $35 million non-interest bearing promissory note and an equity interest in Sierra Private Investments L.P.
* Cash portion of purchase price is subject to adjustments for closing working capital and indebtedness
* Intends to implement share buyback program in conjunction with full evaluation of capital structure
* Mitel Networks Corp says cash proceeds from sale will be used to pay down Mitel's existing credit facility
* Proceeds from sale of mobile division will not be used to repurchase Mitel shares
* Board of directors has approved sale of mobile division
* Proceeds from sale of mobile division will not be used to repurchase Mitel shares Source text for Eikon: ID:nGNXNNOIBa Further company coverage: MNW.TO