Morrisville-based Tekelec announced this morning that it has agreed to be acquired by a consortium of investors led by private equity firm Siris Capital Group.

The deal is valued at $780 million. Siris' group is paying $11.00 per share in cash, which is an 11 percent premium over the closing price of Tekelec's stock on Friday.

The deal is expected to close during the first quarter of next year, pending shareholder and regulatory approval.

Tekelec's management team is expected to remain in place. Merle Gilmore, former President of Motorola's Communications Enterprise and Chairman of the Board of Airvana Network Solutions Inc., will serve as Tekelec's executive chairman following the closing.

The company makes software and other telecommunications technology that helps move data and video over high-speed and wireless networks.