Cerberus Telecom Acquisition II, the second blank check company formed by Cerberus Capital Management targeting the ICT industry, filed on Monday with the SEC to raise up to $500 million in an initial public offering.
The New York, NY-based company plans to raise $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Cerberus Telecom Acquisition II would command a market value of $625 million.
The company 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. The group's previous SPAC, Cerberus Telecom Acquisition (CTAC; +3% from $10 offer price), raised $250 million in October 2020 and is pending an acquisition of IoT provider KORE Wireless Group. Cerberus Telecom Acquisition II plans to leverage its management team's experience and target the information and communications technology (ICT) industry.
Cerberus Telecom Acquisition II was founded in 2021 and plans to list on the NYSE under the symbol CTII.U. It filed confidentially on February 25, 2021. Deutsche Bank is the sole bookrunner on the deal.
