Startup mortgage lender Better to go public in SPAC merger - WSJ

Better Home & Finance Holding

10/05/2021 22:57

May 10 (Reuters) - 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  AURC.O , 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.(https://on.wsj.com/3ex5hwy)
    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.

 (Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh
Kuber)
 ((Arunima.Kumar@thomsonreuters.com;))