(Reuters) – Startup mortgage lender Better plans to switch public by merging with a specific-reason acquisition firm, the Wall Street Journal reported on Monday citing of us familiar with the topic.
Better Holdco Inc plans to merge with Aurora Acquisition Corp, a SPAC sponsored by funding firm Novator Capital, at a valuation of roughly $7 billion pre-cash in a deal that can be completed this week, the WSJ bid acknowledged.(on.wsj.com/3ex5hwy)
A SPAC is a firm with no atypical industry operations but with a pool of capital raised thru an IPO that it makes use of to utilize a non-public firm public.
Better had over $850 million in earnings in 2020 and greater than $200 million in gain earnings, per of us familiar with the firm’s funds, the bid added.
Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber