Carlyle-Backed Syniverse Set to Merge With M3-Brigade SPAC (1)

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, ...