Startup mortgage lender Better plans to go public by merging with a special-purpose acquisition company, the Wall Street Journal reported on Monday citing people familiar with the matter.
Better Holdco Inc plans to merge with Aurora Acquisition Corp, a SPAC sponsored by investment firm Novator Capital, at a valuation of roughly $7 billion pre-money in a deal that could be completed this week, the WSJ report said.
A SPAC is a company with no regular business operations but with a pool of capital raised through an IPO that it uses to take a private firm public.
Better had over $850 million in revenue in 2020 and more than $200 million in net profits, according to people familiar with the company’s finances, the report added.
Source: Reuters.com