Mortgage Firm to Go Public in SPAC Merger Backed by SoftBank
(Bloomberg) -- Better HoldCo Inc., a mortgage and real estate startup, agreed to go public through a blank-check merger in a deal backed by SoftBank Group Corp.
The transaction gives Better HoldCo an implied equity value of about $6.9 billion, the companies said Tuesday in a statement.
Better HoldCo offers mortgage, real estate and homeowners’ insurance products through an online platform that eliminates origination fees and commissions. The company will go public by combining with Aurora Acquisition Corp., a special purpose acquisition company that completed its initial public offering in March.
As part of the transaction, a subsidiary of SoftBank committed to a $1.5 billion private investment in public equity, or Pipe, when the deal is completed.
Read a snapshot of the transaction details here
“This transaction provides investment capital to accelerate Better’s growth and support our mission to make homeownership simpler, faster, more affordable and more accessible for all Americans, and eventually everyone else,” Vishal Garg, the company’s founder and chief executive officer, said in the statement.
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