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TAMPA — The merger between Syniverse Holdings Inc. and the Carlyle Group is officially on, now that a majority of Syniverse shareholders have voted to approve the deal.
Of the 70.4% of shareholders represented at a recent meeting, approximately 99.9% voted in favor of the merger. The Carlyle Group will pay $2.6 billion to acquire Syniverse in a deal that has been covered extensively by the Business Review.
See below for a December 2010 excerpt from Coffee Talk.
From December 14, 2010:
Tampa-based telecommunications firm Syniverse Holdings Inc. made headlines this fall when it received a $2.6 billion buyout from The Carlyle Group.
As any investor might expect, the company had plenty of other offers.
As many as eight potential suitors, mostly equity investors and other technology companies, made bids for Syniverse earlier this year, according to a proxy statement filed with the Securities and Exchange Commission. One bidder in particular, which wasn't identified, came up a quarter short of Carlyle's $31-a-share bid. Syniverse was trading around $24 on the New York Stock Exchange (ticker SVR) prior to Carlyle's Oct. 28 announcement.
Why the sudden interest in Syniverse? Its annual revenue, estimated at $633 million this year, is projected to reach close to $1 billion in the next four years as demand increases for mobile data on smart phones and tablet-style computers.
Naturally, Syniverse shareholders will ultimately decide whether Carlyle is the best buyer. The company has scheduled a special meeting Jan. 12 at Tampa Palms Golf & Country Club for stockholders of record as of this past week.
So far, it does not appear the deal is meeting with any resistance. Both the Federal Trade Commission and the U.S. Department of Justice's antitrust division have signed off, and Syniverse is awaiting word by the Federal Communications Commission before its shareholders have their say.
In the meantime, investors may get a chance at Carlyle. The New York-based firm is reportedly considering an initial public offering late next year.
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