Weight loss device maker Allurion Technologies Inc. is nearing a deal to go public through a merger with a blank-check company backed by former Medtronic Plc chairman and chief executive officer Omar Ishrak, according to people familiar with the matter.

The merger with Compute Health Acquisition Corp. is expected to value the combined company at about $500 million including debt, said the people who asked not to be identified discussing confidential information.

The special purpose acquisition company, or SPAC, is led by Ishrak, hedge fund manager Joshua Fink, who is the son of BlackRock Inc.’s Larry Fink, and Medtronic executive Jean Nehme.

Allurion sells a gastric balloon that can be swallowed to help people lose weight. The company generated revenue of $64 million last year.

The deal includes a private investment in public equity, or PIPE, led by RTW Investments and a synthetic royalty financing. It also includes a senior secured term loan from Fortress Investment Group and a $100 million equity facility from Chardan Capital Markets. Ishrak and former General Electric Co. CEO Jeff Immelt are also investors in the PIPE, the people said.

Ishrak, who ran Medtronic Plc as CEO and chairman for about nine years through 2020, stepped down as chairman of Intel Corp. in January but remains an independent director at the chipmaker.