Internet entrepreneur — and wanted man — Kim Dotcom has agreed to acquire a New Zealand shell company, TRS Investments, in a reverse merger with his latest company, Mega Ltd. The all-stock deal values Mega at $180 million.

Dotcom is fighting extradition to the United States, where the FBI wants to prosecute him on an alleged $175 million copyright infringement charge. Dotcom’s previous company, Megaupload.com, was a file-sharing company where users traded files — some legally, some not, at least according to U.S. authorities.

Mega, the new company, is a cloud-storage venture that offers users the same type of online storage capability as Dropbox or Box Inc., which has just filed for an initial public offering (IPO). The difference, according to Dotcom, is that Mega offers subscribers an encryption scheme that allows them to control who can see and gain access to their files. The new company was launched in January 2013, about a year after Megaupload.com was seized by the New Zealand government and shut down.

Dotcom faces a sentence of up to 50 years in prison if he is extradited to the United States and found guilty on charges of copyright infringement, racketeering and money laundering. His defense is that he was merely a provider of file storage and exchange, and is not accountable for the actions of Megaupload’s subscribers.

A New Zealand court ruled that the country’s government illegally bugged Dotcom and that the dawn raid when his property was seized used warrants that were too broad and, therefore, invalid. It is that ruling that has stymied U.S. attempts to extradite him.

Once the reverse merger is complete, TRS Investments will change its name to Mega, and Mega’s current shareholders will own 99% of the company.

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