KORE Group to Be Acquired by Private Equity in $726 Million All-Cash Deal

ATLANTA and NEW YORK – February 27, 2026 – KORE Group Holdings, Inc. (NYSE: KORE), a global provider of Internet of Things (IoT) services, today announced it has entered into a definitive agreement to be taken private by investment firms Searchlight Capital Partners and Abry Partners. The all-cash transaction, valued at approximately $726 million, will see shareholders receive $9.25 per share, marking a significant strategic shift for the company.

The acquisition price represents a staggering 691% premium over the company's closing stock price on December 18, 2024, the last trading day before Searchlight first signaled a potential acquisition. Upon completion, KORE, which positions itself as a pure-play IoT hyperscaler, will delist from the New York Stock Exchange and operate as a privately-held entity, backed by two firms with deep experience in the technology and communications sectors.

A Premium for Untapped Potential

The deal offers a substantial payday for KORE shareholders, who have seen the stock's value languish since its public debut. The $9.25 per share offer is not only a massive premium to its late-2024 valuation but also a 132% premium to its price on November 3, 2025, just before Searchlight and Abry jointly submitted an initial, lower offer of $5.00 per share.

This valuation reflects the private equity firms' belief in KORE's underlying value beyond what public markets have recognized. Despite growing its IoT connectivity revenue and expanding its network to nearly 20 million connections, KORE has faced financial headwinds, reporting significant net losses in recent years. This mixed performance contributed to a depressed stock price, creating an opportunity for a value-oriented take-private deal.

The transaction received unanimous approval from KORE's Board of Directors, based on the recommendation of a Special Committee composed entirely of independent directors. This committee was formed to conduct a comprehensive review of strategic alternatives to maximize shareholder value.

"The KORE Board explored numerous strategic alternatives and carefully considered the best way to position KORE for long-term success," said Timothy Donahue, Chairman of KORE's Board and the Special Committee. "We strongly believe that the transaction with Searchlight and Abry was the best option to position KORE in the IoT marketplace and deliver the highest value to the Company's stockholders."

A Strategic Pivot to Private Innovation

Moving from a publicly-traded company to a private entity under the ownership of Searchlight and Abry is expected to provide KORE with the strategic flexibility to pursue long-term growth without the pressures of quarterly earnings reports. Both acquiring firms have a history of investing in and nurturing technology, media, and telecommunications (TMT) companies. Abry Partners is already a major stakeholder, owning approximately 28% of KORE's common stock, while Searchlight holds preferred stock and warrants.

This existing familiarity suggests a deep understanding of KORE's business and a shared vision for its future. As a private company, KORE can potentially accelerate investment in research and development, expand its service offerings, and make strategic acquisitions more nimbly. This is critical in the fast-evolving IoT sector, where the convergence of AI, edge computing, and 5G technology is creating new opportunities and intensifying competition.

"In addition to delivering immediate value to our stockholders, the partnership with Searchlight and Abry provides KORE with seasoned and strategically aligned investors to accelerate our vision as a private, customer-centric IoT leader," said Ron Totton, KORE's Chief Executive Officer and President. He highlighted the firms' "exceptional track record" of fostering growth and innovation within their portfolio companies.

Reshaping the IoT Competitive Landscape

The acquisition solidifies KORE's position in a crowded and competitive IoT market. The company competes with telecommunications giants like Verizon and AT&T, as well as a host of global and regional IoT specialists. With the financial backing and strategic guidance of its new owners, a revitalized KORE could become a more formidable competitor.

The global IoT market is on a steep growth trajectory, with projections indicating it could become a multi-trillion-dollar industry within the next decade. This growth is fueled by the explosion of connected devices across sectors like healthcare, logistics, and industrial manufacturing. KORE's expertise in managing the complexity of global IoT deployments—from connectivity and hardware to analytics—positions it to capture a significant share of this expansion.

By going private, KORE can focus on strengthening its core value proposition: simplifying the intricate web of IoT for enterprise customers. This may involve deepening its vertical expertise, particularly in high-growth areas like connected health and fleet management, and enhancing its technology platform to better integrate emerging capabilities like AI-driven analytics at the edge.

Navigating the Path to Closing

The transaction is not yet final. It is contingent upon several conditions, including approval from KORE's stockholders. The deal requires a nod from a majority of all voting shares, as well as a separate approval from a majority of shareholders not affiliated with the acquiring firms or company insiders. To bolster support, the original SPAC sponsor, Cerberus Telecom Acquisition Holdings, LLC, has already executed a voting agreement in favor of the merger.

Beyond shareholder votes, the acquisition must clear significant regulatory hurdles. It is subject to review under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act in the U.S., which assesses potential impacts on market competition. Furthermore, the deal will be scrutinized by the Committee on Foreign Investment in the United States (CFIUS), an interagency body that reviews transactions for potential national security risks. Given KORE's role in critical telecommunications infrastructure and its management of sensitive data, the CFIUS review is a crucial step.

The parties have stated that the transaction is not subject to a financing condition and expect the deal to close during the second or third quarter of 2026, a timeline that appears to account for these comprehensive regulatory reviews.