Special Purpose Acquisition Company (SPAC)

Reuters | |

U.S. online lending startup Social Finance Inc (SoFi) said on Thursday it has agreed to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition company led by venture capital investor Chamath Palihapitiya.

The deal values SoFi at around $8.65 billion and is expected to provide up to $2.4 billion in cash proceeds to the San Francisco-based company.

Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. Shares of Social Capital closed up 58% at $19.17 apiece.

Reuters | |

Boutique investment bank Perella Weinberg Partners on Wednesday agreed to go public through a merger with a blank-check firm, or a special purpose acquisition company (SPAC), backed by banking entrepreneur Betsy Cohen in a deal valued at $975 million.

Cohen’s FinTech Acquisition Corporation IV, which had raised $230 million in September through an initial public offering (IPO), will acquire Perella Weinberg in a deal that includes a commitment of $125 million from investors such as Fidelity Management and Wellington Management.

Reuters | |

Ouster Inc, a U.S. startup that makes lidar sensors for self-driving cars and smart cities, said on Tuesday it has agreed to go public through a merger with special purpose acquisition company (SPAC) Colonnade Acquisition Corp.

The deal values San Francisco-based Ouster at around $1.9 billion and makes it the fifth lidar manufacturer this year to agree a SPAC merger to go public, following on from Velodyne Lidar Inc, Luminar, Innoviz and Aeva.

Ouster sees its digital lidar technology as having practical applications beyond autonomous vehicles and extending to areas such as drones, smart cities and robotics, according to company co-founder and Chief Executive Angus Pacala.