Telecom infrastructure firm GTS to go public via SPAC in $400M deal
What's the deal? Gibson Technical Services (GTS)Dealroom has a profile for this one. Try Dealroom → will become a publicly traded company through a merger with NMP Acquisition Corp.Dealroom has a profile for this one. Try Dealroom → (Nasdaq: NMP), a special purpose acquisition company. The deal values GTS at an implied enterprise value of $400 million.
What each side brings: GTS provides engineering, design, construction, testing, and maintenance services for telecommunications infrastructure, with a 38-year operating history and ties to Tier-1 carriers. NMP is a blank-cheque vehicle offering GTS a route to public markets.
The terms: On closing, the combined company will operate as GTS Holdings, Inc.Dealroom has a profile for this one. Try Dealroom →, with Class A common stock listed on the Nasdaq Capital Market under a new ticker. Streeterville CapitalDealroom has a profile for this one. Try Dealroom →, GTS's current owner, will roll 100% of its equity into the combined company.
By the numbers: GTS delivered roughly $140 million of revenue in 2025, up about 36% year-over-year, with EBITDA margins of about 12.5%. The company says existing liquidity and cash flows should cover operations, and closing is not subject to a minimum cash or third-party financing condition.
Why now? GTS positions itself at the intersection of two investment cycles: federally supported broadband deployment through programmes such as BEAD and RDOF, and fibre and network demand driven by AI data centre development.
What could go wrong? The transaction remains subject to an effective Form S-4 registration statement with the Securities and Exchange Commission, approval by NMP's shareholders, and other customary closing conditions.
What they're saying: "GTS has built a strong and growing business by doing what matters most in our industry—delivering consistently for our customers," said Mike McCracken, chief executive officer of GTS.
The signal: The deal points to investor appetite for the physical infrastructure underpinning AI and broadband expansion. GTS calls its market fragmented, flagging room for acquisitions once it gains public-company access to capital.
Read more: Business Insider
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