NWQ Investment Management renounced 44.2% of its stake in Mitel Networks Corp. NWQ is the second-largest shareholder, as the investment group prepares to make the company private. NWQ’s sale consisted of 4,778,951 shares, executed at a price around $11.16 on April 30.

Starting the position in the second quarter of 2014 and accumulating shares as the price dropped secured the firm again estimated around 17%, based on quarterly average prices. The stock is up 35% year to date because of the $2 billion offer from the investment group, which is led by private equity firm Searchlight Capital Partners. According to the terms of the deal, the group will pay Mitel shareholders $11.15 per share, a price 24% above the 90 calendar-day weighted average.

Mitel centers on business communications facilitate 33 million cloud connections per day and have the most significant market share in the Middle East, Africa, and in Europe. The four-decade company was the third-biggest position in NWQ’s small-cap value fund portfolio as of the end of the third quarter in 2016. Directors of that portfolio identify asset targets through bottom-up inquiry and look within industries with improving fundamentals and building its foundations.

Mitel’s financial situation included three years of declines in cash reserves, spiraling down to $43 million at the end of the first quarter. Mitel’s long-term debt was $585 million at the end of the first quarter, up from $225 million the same quarter a year earlier. Mitel had a hard time keeping its head afloat.

In line with its money struggles, Mitel then agreed to be acquired by an American investment firm, The American investor, Searchlight Capital Partners, in a $2-billion cash deal designed to take the company private. Mitel shareholders receive $11.15 per share, which puts the firm’s market capitalization at $1.35 billion.