KORE to acquire Twilio IoT business unit for up to 10M shares (~$28M value)

KORE Group Holdings, Inc.

KORE agrees to acquire Twilio's IoT business; consideration of up to 10M shares of KORE common stock.
Shares represent ~11.5% of KORE's outstanding, capped at $28M based on closing stock price.
Transaction expected to close by September 14, 2023, subject to customary conditions; no financing condition.
KORE aims to combine Twilio IoT's eSIM and connectivity portfolio to become a leading IoT hyperscaler.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KORE Group Holdings, Inc. entered into Purchase Agreement with Twilio Inc. valued at $28 million (effective 2023-03-26).

Action: entry
Agreement: asset purchase
Counterparty: Twilio Inc.
Value: $28 million
Effective: 2023-03-26

Exact text from the filing

KORE agreed to purchase, subject to the satisfaction or waiver of the conditions set forth therein, the “internet of things” business of Twilio (the “Business”), through the purchase of certain assets, including certain technology and intellectual property rights, and the assumption of certain liabilities, of Twilio (the “Transaction”).

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KORE Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-082281

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