Twilio commits up to $750M investment in Syniverse SPAC merger at $2.85B enterprise value

TWILIO INC

Twilio will invest $500M minimum up to $750M in Syniverse as part of de-SPAC merger with M3-Brigade Acquisition II Corp. (MBAC).
Syniverse enterprise valued at $2.85B; merger expected to close by end of 2021, subject to MBAC stockholder approval and HSR clearance.
Existing Syniverse shareholders (including Carlyle) rolling 100% of equity; Twilio becomes significant minority owner.
PIPE of $265M committed from Oak Hill Advisors and Brigade Capital Management includes $69.2M common stock and $195.8M convertible preferred.
Amended Framework Agreement between Twilio and Syniverse grants Twilio consent and other rights regarding merger terms.

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