Cerberus Telecom Acquisition Corp. Files Registration Statement on Form S-4 as Part of Proposed Combination with KORE Wireless, a global leader in IoT
Cerberus Telecom Acquisition Corp. (NYSE: CTAC.U, CTAC, CTAC WS) (“CTAC”), a special purpose acquisition company affiliated with Cerberus Capital Management, L.P., today announced that it and King Pubco, Inc. (“Pubco”), a direct and wholly owned subsidiary of the sponsor of CTAC, have filed with the U.S. Securities and Exchange Commission a registration statement on Form S-4. The filing includes a preliminary proxy statement/prospectus in connection with CTAC’s proposed business combination with KORE Wireless Group, Inc. (“KORE” or “the Company”), a global leader in Internet of Things (“IoT”) Solutions and worldwide Connectivity-as-a-Service (“CaaS”).
CTAC and KORE recently entered into a definitive merger agreement, which they jointly announced on March 12, 2021. The transaction reflects a pro-forma enterprise value of the combined company of $1.014 billion. The $225 million PIPE investment was initially oversubscribed and upsized due to high demand, and is anchored by leading institutional investors, including Koch Strategic Platforms, LLC, a subsidiary of Koch Industries and part of the Koch Investment Group, and funds and accounts managed by BlackRock.
“We are excited to be moving ahead with the creation of a publicly-listed, pure play IoT company,” said Tim Donahue, Chief Executive Officer of CTAC. “We look forward to working with the talented KORE team as they help enterprises transform with the power of IoT solutions and play a leading role in the 5G revolution.”
Romil Bahl, KORE President and Chief Executive Officer, commented, “The information in today’s filing of the registration statement on Form S-4 demonstrates the uniqueness of our business model, highlights our accelerating growth momentum, and showcases the recurring nature of our cash flows. In addition, the filing features KORE’s total addressable market and shows our readiness to accelerate our efforts further into IoT, 5G, and eSIM.”
Upon completion of the transaction, the combined company expects to be listed on the New York Stock Exchange under the ticker symbol “KORE.” The transaction, which has been approved by the CTAC Board of Directors and KORE Board of Directors, is expected to close in mid-2021. The transaction remains subject to approval by CTAC and KORE shareholders and the satisfaction or waiver of customary closing conditions (including receipt of required regulatory approvals).
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