NextNav Holdings LLC is nearing a combination with a special-purpose acquisition company that would take the next-generation GPS firm public and value it at about $1.2 billion, according to people familiar with the matter. The McLean, Va., company is close to a deal to merge with the SPAC Spartacus Acquisition Corporation (NasdaqCM:TMTS), the people said. Spartacus is focused on deals in the technology, media and telecom industries.

The combination is expected to be announced in the coming days. NextNav is expected to generate roughly $410 million in cash through the deal from the money held by the SPAC and a private investment in public equity, or PIPE, associated with the merger, they said. PIPE investors in the deal are expected to include Koch Strategic Platforms, a subsidiary of Koch Investments Group, and funds managed by Fortress Investment Group.