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Remark Media, Inc. latest news:
Synchronoss's stock shoots up after subsidiary sale, equity investment
Shares of Synchronoss Technologies Inc. shot up 14% in premarket trade Tuesday, after the software company announced a deal to sell a subsidiary and receive another equity investment from its largest shareholder. The company said that after completing a review of strategic alternatives, it decided to sell its wholly-owned subsidiary Intralinks Holdings Inc. to private-equity firm Siris Capital Group LLC for $1 billion. As part of the agreement, Siris will make a $185 million investment in convertible preferred equity of Synchronoss, which would be convertible into 19.8% of Synchronoss's shares outstanding. Recent filings show Siris Capital was Synchronoss's largest shareholder with a stake of 6.0 million shares, or 12.9% of the shares outstanding as of Oct. 5, according to FactSet. The deal with Siris will allow Synchronoss to focus on its core communications and media business. The stock had plunged 64% year to date through Monday, while the SPDR Technology Select Sector ETF had climbed 26% and the S&P 500 had rallied 14%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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