Kirkland & Ellis advised Twilio (NYSE: TWLO) on furthering its previously announced strategic partnership with Syniverse, the premier global technology provider of mission-critical mobile platforms for carriers and enterprises, through Syniverse’s merger with M3-Brigade Acquisition II Corp. (NYSE: MBAC). The transaction values Syniverse at an enterprise value of $2.85 billion and will provide Syniverse with up to $1.165 billion in cash through a combination of equity and equity-linked capital. The transaction includes an investment by Twilio of up to $750 million, through which Twilio will become a significant minority owner of the resulting public company. Upon closing of the transaction, the publicly traded company will be named Syniverse Technologies Corporation and its common stock will be listed on the New York Stock Exchange under ticker “SYNV.” The transaction is subject to customary closing conditions and is expected to close before the end of 2021.
The Kirkland team was led by corporate partners Carlo Zenkner and Edward Lee and associate Patty Liu, capital markets partner Pippa Bond, debt finance partner Christopher Kirkham and associate Jessica Tjang, tax partner Sara Zablotney and associate Liz Allison, antitrust partners Ian John and Chuck Boyars, and also included corporate partner Adam Phillips.