(Reuters) - Cloud-communications firm Twilio Inc is in talks to invest as much as $750 million in Syniverse Technologies LLC, the Wall Street Journal reported on Sunday.

The investment will be announced on Monday, which could be followed by a merger between telecommunications services company Syniverse and a special-purpose acquisition company to take it public, the report said, citing people familiar with the matter.

The deal values Syniverse at around $2 billion to $3 billion including debt.

There is no guarantee that Syniverse, backed by private-equity firm Carlyle Group Inc will go public, either through a SPAC deal or an IPO, the Journal added.

For Syniverse, the Twilio deal involves a commercial arrangement that would send a significant amount of business its way, the newspaper said. Syniverse may also use proceeds from a SPAC deal to make acquisitions, it said.

Both Twilio and Syniverse did not immediately respond to a Reuters request for comment.

(Reporting by Maria Ponnezhath and Juby Babu in Bengaluru; Editing by Daniel Wallis & Shri Navaratnam)