GTCR LLC has agreed to buy telecom network provider Inteliquent Inc. (Nasdaq: IQNT) for nearly $800 million. The target will merge with GTCR portfolio company Onvoy LLC, a wired telecommunications carrier, as part of the deal.

Inteliquent, headquartered in Chicago, provides internet protocol-based interconnection network services for wireless carriers, cable companies, local carriers and broadband providers. The target’s offers local voice, long distance, access tandem, toll free, messaging, and direct inward dialing services. Founded in April 2001, Inteliquent previously operated under the name Neutral Tandem. The target later sold its data division in 2013 to focus solely on voice services.

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