Syniverse Technologies LLC, a messaging company that has been owned by Carlyle Group Inc. since 2011, is in talks to go public through a merger with M3-Brigade Acquisition II Corp. (NYSE:MBAC), according to people with knowledge of the matter. M3-Brigade is seeking new equity to support a transaction that’s set to value Tampa, Florida-based Syniverse at about $3 billion including debt, one of the people said. In March, Twilio Inc. agreed to invest as much as $750 million in Syniverse ahead of a potential public listing. Syniverse has about $1.9 billion in debt, data compiled by Bloomberg shows. “The company’s operating performance, which was already weak entering 2020, deteriorated further, hurt by the pandemic,” Moody’s Investors Service wrote in a March note, citing a 13.3% decline in revenue in the 12 months ended Nov. 30. The ratings agency said it doesn’t expect Syniverse’s top line to return to pre-pandemic levels until 2022. Carlyle and M3-Brigade representatives declined to comment. A Syniverse spokesperson didn’t immediately respond to a request for comment. Terms may change and as with any transaction that’s not yet finalized, it’s possible talks could fall apart.