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BRIEF-Synchronoss Technologies announces successful conclusion of strategic alternatives process to maximize value for shareholders
October 17, 2017 / 12:18 PM / a month ago

BRIEF-Synchronoss Technologies announces successful conclusion of strategic alternatives process to maximize value for shareholders

Oct 17 (Reuters) - Synchronoss Technologies Inc

* Synchronoss Technologies announces successful conclusion of strategic alternatives process to maximize value for shareholders

* Synchronoss Technologies Inc - ‍divest non-core assets through agreement to sell intralinks business to siris​

* Synchronoss Technologies Inc - ‍investment funds affiliated with siris will acquire all of stock of co’s unit intralinks holdings, inc​

* Synchronoss Technologies Inc - ‍investment funds affiliated with siris will acquire all of stock of intralinks holdings for approximately $1 billion​

* Synchronoss - ‍leif O‘leary, executive vice president of strategic financials for synchronoss, is expected to serve as CEO of Intralinks​

* Synchronoss Technologies Inc - ‍ funds affiliated with siris capital group to make an investment in convertible preferred equity of co of $185 million​

* Synchronoss Technologies Inc - ‍ siris convertible preferred equity investment in synchronoss in amount of $185 million is comprised of cash and stock​

* Synchronoss Technologies Inc - ‍ transactions have been unanimously approved by synchronoss’ board of directors​

* Synchronoss - if equity investment terminated,siris has right to cause co to repurchase some/all of 6 million shares of co common stock that siris holds​

* Synchronoss Technologies-to use proceeds from intralinks transaction to retire term loan debt

* Synchronoss - to sell intralinks to siris for cash of about $977 million & additional contingent payment of up to $25 million in cash​ Source text for Eikon: Further company coverage:

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