Syniverse reportedly entered talks with a North America-focused special purpose acquisition company about a merger which would take it public and provide fresh funding to drive future growth plans.
Bloomberg stated Syniverse was discussing a move with M3-Brigade Acquisition II regarding a deal which would value it at about $3 billion, including $1.9 billion of debt.
M3-Brigade Acquisition II raised $400 million in an IPO in March and Bloomberg reported it was seeking fresh equity to take Syniverse public through a merger.
Syniverse specialises in technology enabling mobile roaming services, a sector hard-hit during the Covid-19 (coronavirus) pandemic. Bloomberg explained M3-Brigade Acquisition II focuses heavily on businesses impacted by the outbreak.
John Wick, SVP of network at Syniverse, recently told Mobile World Live the company’s Rich Communication Services (RCS) business got off to a slow start [1] in 2021, but expected a brighter second half.
Syniverse has been owned by private equity company Carlyle Group since 2011. The technology outfit has recently made moves in areas including private networks and IoT device connectivity. It holds partnerships with Microsoft’s Affirmed Networks and with Alef Edge, and secured an investment of up to $750 million from Twilio [2] earlier this year.
It counts leading operators including Vodafone Group, AT&T, Verizon, America Movil and China Unicom among its list of customers.
[1] https://mobileinsights.mobileworldlive.com/syniverse-content-hub/syniverse-predicts-rcs-takeover/?_gl=1*1obp0jq*_ga*MTE0MDEwMzA1Ni4xNDk1NzA1OTMx*_ga_2LH390FJBD*MTYyNDUyODc2OC42MzYuMS4xNjI0NTI5NjAyLjA.
[2] https://www.mobileworldlive.com/featured-content/top-three/twilio-invests-750m-in-syniverse
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