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Sweden's Sinch buys email delivery platform Pathwire in $1.9 billion deal

Reuters
Updated ·1-min read

STOCKHOLM (Reuters) -Swedish cloud communication services provider Sinch said on Thursday it had agreed to buy cloud-based email delivery platform Pathwire in a cash-and-stock deal worth about $1.9 billion.

Sinch, which counts SoftBank and Temasek among its investors, will pay the sellers $925 million in cash and 51 million new shares in Sinch.

This would be Sinch's third big deal this year. It bought MessageMedia for $1.3 billion in June and Inteliquent for $1.14 billion in February.

Texas-based Pathwire, which has more than 100,000 customers, including Lyft and Microsoft, is expected to record revenue of $132 million and gross profit of $104 million.

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The transaction is expected to close by the end of 2021.

Separately, Sinch has raised $750 million by issuing 40.1 million new shares.

(Reporting by Supantha Mukherjee in Stockholm; editing by Barbara Lewis)