Avaya, the publically traded enterprise telecommunications technology company spun out of Lucent barely six years ago, is going private.

The deal's a big one for the industry: $8 billion - and a decent deal for investors - $17.50 per share.

Acquiring Avaya are the team of Silver Lake and Texas Pacific Group Capital. Silver Lake is best known for its current portfolio of companies such as Gartner (Research and Analysis) and Sabre (Global Airline Ticketing and IT Support). TPG holds interests in companies such as Freescale (Semiconductors), Japan Telecom, Lenovo (Computer Hardware) and pending regulatory approval, will own Alltel outright.