GE Capital Finances ABRY Partners' Majority Ownership Position in KORE
OREANDA-NEWS. GE Capital's Telecom, Media and Technology (TMT) financing business announced that it served as administrative agent on a USD 117.3 million senior secured credit facility to support ABRY Partners' majority ownership position in KORE Wireless Group, Inc. GE Capital Markets served as joint lead arranger and joint bookrunner on the facility.
Founded in 2003 and headquartered in Atlanta, KORE is an independent managed connectivity service provider focused on the machine-to-machine (M2M) ecosystem. KORE supports 1.5 million wireless devices for more than 800 customers and provides a network footprint spanning more than 180 countries, the world's oceans and areas not covered by cellular service through its network centers in Atlanta and Las Vegas as well as Melbourne, Australia.
"Machine-to-machine communications is an expanding, exciting industry. GE Capital's telecom expertise and certainty of execution made it the ideal lender for this acquisition. We look forward to continuing our financing relationship and collaborating with GE Capital in the M2M space," said Rob Nicewicz, vice president at ABRY Partners.
"Today, machines are able to communicate and coordinate with each other in entirely new ways, driving rapid expansion within the M2M space. We're excited to provide financing in support of ABRY and the KORE team as they continue to grow in this sector," said Sean Sullivan, a senior vice president with GE Capital's TMT business.