Telecoms firm Syniverse to go public via $2.85 bln blank check deal

M3-Brigade Acquisition II

17/08/2021 01:22

Aug 16 (Reuters) - Telecoms services firm Syniverse
Technologies LLC plans to go public through a merger deal with a
blank check company that would give it an enterprise value of
$2.85 billion.
    The deal will provide Syniverse with up to $1.17 billion in
cash, through a combination of equity and equity-linked capital,
blank check firm M3-Brigade Acquisition II Corp  MBAC.N  said in
a statement on Monday.  urn:newsml:reuters.com:*:nNDL3NV7VJ
    After the deal, the public company will be named Syniverse
Technologies Corporation, and its stock will trade under the
ticker "SYNV" on the New York Stock Exchange.
    Syniverse's current majority shareholder, private equity
firm Carlyle Group  CG.O , will retain its investment and be the
largest shareholder of the public company, the statement said.
    Special-purpose acquisition companies (SPACs) such as
M3-Brigade use the pool of capital raised through their IPOs to
merge with a private company and take it public, typically
within two years of listing.
     Cloud-communications platform Twilio Inc  TWLO.N  said in
March that it would invest up to $750 million in Syniverse.
 urn:newsml:reuters.com:*:nL3N2KZ3D4 
    After the merger deal, Twilio would become a minority owner
of Syniverse. 
    Syniverse's current Chief Executive Officer Andrew Davies
and leadership team will continue to lead the company after the
merger. 
    The company has also obtained committed debt financing for a
new $1 billion term loan and a $165 million revolving credit
facility to be completed at the closing of the merger.
    
    

 (Reporting by Juby Babu in Bengaluru; Editing by Rashmi Aich)
 ((Juby.Babu@thomsonreuters.com; outside U.S. +91 80 6182
3397;))