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Synchronoss Technologies, Inc. stock price
Synchronoss Technologies, 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.
Synchronoss resumes buyout talks with Siris Capital, stock jumps 18%
Synchronoss Technologies Inc. has resumed talks with Siris Capital Partners to sell itself, because Siris raised its offer and agreed to a period of limited exclusivity to make a buyout, Synchronoss said Thursday. Synchronoss stock shot up nearly 20% after hours. The company has been in talks with Siris, its largest shareholder, for several weeks over the possibility of an all-cash buyout, but the discussions fell apart in September after the private equity firm terminated its interest. Siris owns about 6 million shares of the mobile cloud solutions company, or 13% of outstanding stock. Synchronoss noted in a statement that the talks did not mean a sale was certain or imminent. Synchronoss stock is down 72% this year, with the S&P 500 index climbing 13.4%.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.
BRIEF-Synchronoss Technologies enters exclusivity agreement with Siris Capital
* Synchronoss Technologies provides update on strategic
BRIEF-Synchronoss Technologies issues statement regarding strategic alternatives
* Synchronoss Technologies issues statement regarding
strategic alternatives process
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