Deals
Carlyle-Backed Syniverse Set to Merge With M3-Brigade SPAC
- Deal values combined company at $2.85 billion including debt
- Mobile communications firm counts AT&T, Verizon as customers
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Syniverse Technologies LLC, a technology company that has been owned by Carlyle Group Inc. since 2011, has agreed to go public through a merger with M3-Brigade Acquisition II Corp., the companies said Monday.
A transaction is set to value the combined entity at $2.85 billion including debt, and will bolster Tampa, Florida-based Syniverse’s balance sheet with roughly $1.165 billion in cash proceeds, $265 million of which comes via a private investment in public equity. The PIPE, whose investors include Oak Hill Advisors and Brigade Capital Management, is comprised of $69.2 million in common stock at $10 a share, and $195.8 million in 7.5% dividend convertible preferred stock with a conversion price of $11.50 a share.