Syniverse last week announced that it will remain a private company and pursue an alternative transaction following the termination of its business combination agreement with M3-Brigade Acquisition II.
Under the terms of the Alternative Transaction, Twilio, a leading cloud communications platform, intends to pursue its previously announced minority investment of up to $750 million in Syniverse, subject to closing conditions as outlined in the Framework Agreement, and maintain its previously negotiated Wholesale Agreement. Carlyle will remain Syniverse’s majority owner.
Under the terms of the Alternative Transaction, Syniverse will pursue additional financing transactions. The proceeds from the additional financing transactions, together with the investment from Twilio, will be used primarily to pay down Syniverse’s existing debt. The Alternative Transaction will not have any impact on the Company’s ongoing operations or the products and services it provides to Enterprise or Carrier customers.
The transaction is expected to close in Syniverse’s fiscal second quarter 2022
Andrew Davies, Syniverse’s Chief Executive Officer
Syniverse’s underlying business is incredibly strong, and we are well-positioned to capitalize on significant market tailwinds to fuel our growth as a private company. We remain focused on executing our proven strategy and look forward to further investing in innovation, as well as product quality and breadth. We’re enthusiastic about writing the next chapter in the Syniverse story as we continue to provide mobile network operators and enterprises with the mission-critical connectivity and interoperability solutions they need in the evolving mobile ecosystem.
