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SmartRent.com Inc., which sells smart home-technology systems to apartment-building owners and developers, intends to go public through a merger with a special-purpose acquisition company that values the property-tech startup at $2.2 billion, the company said Thursday.
SmartRent, whose technology is in use in about 185,000 apartments in the U.S. and Canada, said it would merge with Fifth Wall Acquisition Corp., which raised about $345 million in an initial public offering earlier this year. The special-purpose company was sponsored by Fifth Wall, a venture-capital firm that invested in SmartRent last year through one of its funds.
Separately, some of the largest apartment-building owners and housing developers in the U.S.—which are also customers of SmartRent—have agreed to invest a total of $155 million in the startup, the company said. This group includes Blackstone Group Inc., Starwood Capital Group LLC, Lennar Corp. and Invitation Homes Inc.
The merger, expected to close later this year after a regulatory review and shareholder vote, would be one of the largest such deals so far involving a proptech firm and a special-purpose acquisition company. SPACs, also called blank-check companies, have become popular in the capital markets and with proptech firms over the past year because they allow private firms to go public faster and with more price certainty than traditional initial public offerings.
by Ella Jones | Linkedin
#News #IPO #ICO #SmartRent #Wcryptn.com
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