KORE Wireless Group Inc has agreed to go public through a merger with a blank-check firm backed by private equity company Cerberus Capital Management, in a deal that values the combined entity at a pro-forma enterprise value of $1.01 billion.

KORE said on Friday the deal with Cerberus Telecom Acquisition Corp will fetch the merged company about $484 million in gross cash proceeds.

The payment will include $225 million private investment led by Koch Strategic Platforms LLC and other top-tier investors, such as funds and accounts managed by BlackRock Inc.

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Source: Reuters