Syniverse Technologies, a messaging company that has been owned by Carlyle Group since 2011, is in talks to go public through a merger with M3-Brigade Acquisition II, Bloomberg reports, citing people with knowledge of the matter.
M3-Brigade is seeking new equity to support a transaction that’s set to value Tampa, Florida-based Syniverse at about $3 billion including debt, one of the people said. In March, Twilio Inc. agreed to invest as much as $750 million in Syniverse ahead of a potential public listing. Syniverse has about $1.9 billion in debt.
“The company’s operating performance, which was already weak entering 2020, deteriorated further, hurt by the pandemic,” Moody’s Investors Service wrote in a March note, citing a 13.3% decline in revenue in the 12 months ended Nov. 30. Read more.
