June 26 (Reuters) - Cargo drone startup Elroy Air is in advanced talks to go public through a merger with blank-check vehicle Columbus Circle Capital Corp. II CMII.O, Bloomberg News reported on Friday, citing people familiar with the matter.

The deal would create a company with an enterprise value of about $1 billion.

Here are some more details:

• The deal values Elroy Air at about $800 million on a pre-money basis and includes a private investment in public equity (PIPE) of $165 million, the report said.

• Inflection Point, a veteran special purpose acquisition company (SPAC), is anchoring the PIPE, Bloomberg said.

• Elroy Air and Columbus Circle Capital did not immediately respond to requests for comment outside regular business hours.

• Elroy Air was started in 2016 and raised $40 million in 2021 from investors including Lockheed Martin's LMT.N venture capital arm, as per its website.

• The company has facilities in Byron, California, and is backed by premier venture capital firms including Diamondstream Partners, Catapult Ventures, among others.