KORE Group Holdings has completed its acquisition by affiliates of Searchlight Capital Partners and Abry Partners, marking the company’s transition from public to private ownership. Financial terms of the transaction were not disclosed.
Following completion, KORE’s common stock will stop trading and be delisted from the New York Stock Exchange. Shareholders of record will receive the agreed merger consideration through the company’s paying agent, while shares held in brokerage accounts will be processed automatically.
KORE provides Internet of Things connectivity, managed services, location-based services and analytics. Its technology helps companies connect, monitor and manage devices deployed across multiple countries, carriers and operating environments.
The new ownership structure is intended to give KORE greater flexibility to invest in product development and respond more quickly to customer needs. The company plans to expand its capabilities for organizations deploying and scaling connected devices worldwide.
Internet of Things deployments can involve complex combinations of hardware, mobile networks, cloud platforms, security systems and regulatory requirements. KORE provides a centralized platform and operational support intended to simplify those relationships for customers.
The company has nearly three decades of experience in IoT connectivity and maintains relationships with carriers across international markets. Its customers use KORE to manage connected equipment across industries and geographies.
KORE said its leadership team, employees and customer relationships will remain in place following the transaction. President and CEO Ron Totton will continue leading the company under its new private equity ownership.
Searchlight and Abry bring experience investing in telecommunications, technology and business services. Their long-term capital is expected to support KORE’s investments in innovation, international expansion and services for increasingly complex IoT deployments.
Searchlight manages approximately $17 billion in assets and invests across telecommunications, media, business, industrial and financial services. Abry manages approximately $16 billion and has completed more than $90 billion in leveraged transactions and private equity investments since its founding in 1989.
Rothschild & Co served as financial adviser to the special committee of KORE’s board, with Richards, Layton & Finger providing legal counsel. Troutman Pepper Locke advised KORE.
Wachtell, Lipton, Rosen & Katz advised Searchlight, while Kirkland & Ellis represented Abry. TD Cowen served as financial adviser to Searchlight and Abry.
KEY QUOTES:
“KORE is perfectly positioned to seize this opportunity. Going private lets us move faster, think bigger, and invest more boldly in what matters most to our customers.”
“For nearly three decades, we’ve helped customers navigate the complexity of global IoT connectivity. With Searchlight and Abry as partners, we’re building an even stronger company — for our customers, our partners, and our people.”
“For our customers and partners, the message is simple: the people, expertise, and relationships they count on aren’t changing. What’s changing is our speed and our ability to invest in innovation, respond to our customers’ evolving needs and expand how we help organizations connect, manage, and scale IoT deployments worldwide.”
Ron Totton, President and CEO of KORE
“I want to thank KORE’s public company board of directors for their years of service and commitment. As KORE enters its next chapter of growth, we are excited to partner with Abry, Ron and the KORE team to support the Company’s long-term growth and commitment to its customers.”
Andrew Frey, Searchlight Capital Partners
“The next phase of IoT will be defined by a significant increase in connected devices and global complexity. KORE is built for this environment.”
“Its international reach, experience and connectivity capabilities give the Company a strong platform to help customers simplify their IoT complexity and scale with confidence. Together with Searchlight, we look forward to supporting KORE’s next chapter.”
Rob MacInnis, Abry Partners
