SoftBank-backed Better to go public in $7.7 bln SPAC deal (updated)

Better Home & Finance Holding

11/05/2021 12:21

May 11 (Reuters) - SoftBank Group Corp-backed  9984.T 
Better HoldCo said on Tuesday it will go public through a merger
with a blank-check firm sponsored by investment firm Novator
Capital, valuing the mortgage startup at $7.7 billion.
    As part of the deal with Aurora Acquisition Corp  AURC.O ,
SoftBank will invest $1.5 billion, giving Better a pre-money
valuation of $6.9 billion. Novator will invest $200 million.   
    The deal will provide $778 million in proceeds for Better.
    Founded in 2016, Better offers mortgage and insurance
products to homeowners through its online platform. It says its
customers can get their loans closed in as little as two weeks.
    SPACs are listed companies that have no regular business
operations but to find a company to merge with, thereby taking
the target company public.
    BofA Securities is the financial adviser to Better, while
Barclays advised Aurora.
    

 (Reporting by Niket Nishant and Noor Zainab Hussain in
Bengaluru; Editing by Arun Koyyur)
 ((Niket.Nishant@thomsonreuters.com;))