No surprise there. Nortel had kicked the tires and Cisco took a whiff but I felt all along that the private equity track was the most lucrative in terms of a cash-out.
Effect on enterprise VoIP? Not much may change, at least in the short term. You still have the two competitors I mentioned on the upper range of things.
But if I were in a position of financial control over Avaya, I might think of strategies to thwart competition from substantially lower priced, Asterisk flavors of managed VoIP. And that wouldn't necessarily be a proactive mood. I say this because I see Digium, Fonality and others of that ilk ramping up to forestall intrusion into their business model by the Avaya's of the world.
As for the transaction itself, Avaya says it should be completed by this fall.