(Reuters) - 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. Arby Partners, an existing majority shareholder in KORE, will roll its entire common equity into the combined company. Founded in 2003, KORE is a provider of IoT, or Internet of Things solutions and connectivity-as-a-Service (Caas). CTAC, a so-called special purpose acquisition company, or SPAC, raised $250 million through an initial public offering last year. SPACs are shell companies that raise funds to acquire a private entity with the aim of taking it public, allowing such companies to eschew the hassles associated with a traditional IPOs. The combined company expects to be listed on the New York Stock Exchange and will trade under the new ticker symbol “KORE”. Cowen and Company LLC and Morgan Stanley & Co LLC are acting as financial advisers to the merging companies.