Telecommunications provider Premiere Global Services Inc. has received a roughly $1 billion buyout offer from private-equity firm Siris Capital Group LLC.

Under the terms of the deal, subject to regulatory and shareholders' approval, Siris would pay $14 for each share of PGi, a 23% premium over Thursday's closing price.

Siris said it would finance the deal through debt.

Should PGi receive a higher offer during the 45-day "go shop" period, Siris has the right to match the proposal.

Siris, based in New York City, was spun out in 2011 from billionaire Steven A. Cohen's investment firm, SAC Capital Advisors LP, which has since been renamed Point72.

Shares of the Atlanta company, up 7% this year, rose 22% to $13.80 in late trading.

Write to Maria Armental at maria.armental@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

September 10, 2015 18:35 ET (22:35 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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