Network technology provider Tekelec agreed to be bought by a private equity group led by Siris Capital for about $780 million in cash. The consortium will pay $11 per share, 11 percent more than Tekelec's Friday close of $9.90. The shares have leapt 32 percent since Oct. 19, when the company announced its largest ever order and gave a strong forecast for the third quarter. Tekelec's management team is expected to remain in place, and Merle Gilmore, chairman of the board of Airvana Network Solutions Inc, will become executive chairman of Tekelec after the deal closes, likely in the first quarter of 2012.

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