Cerberus Telecom Acquisition, a blank check company formed by Cerberus Capital Management targeting the ICT industry, raised $250 million by offering 25 million units at $10. The company offered 5 million fewer units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company originally planned to offer 40 million units before decreasing the unit offering earlier this week.
Cerberus Telecom Acquisition is led by Chairman Frank Bruno, who is Co-CEO of Cerberus Capital Management's global investment activities, and CEO and Director Timothy Donahue, who previously served as CEO of Nextel Communications and helped facilitate the company's merger with Sprint. Cerberus Telecom Acquisition plans to leverage its management team's experience and target the information and communications technology (ICT) industry.
Cerberus Telecom Acquisition plans to list on the NYSE under the symbol CTAC.U. Morgan Stanley and Deutsche Bank acted as joint bookrunners on the deal.
