BENGALURU : SoftBank-backed home-selling platform Opendoor is going public through a merger with a blank-check company led by venture investor Chamath Palihapitiya in a deal that will value the combined entity at $4.8 billion, the companies said on Tuesday. Opendoor buys properties from sellers and makes repairs, at a service charge, and then lists them for sale. A blank-check company, also known as a special purpose acquisition company (SPAC), uses capital raised through an initial public offering to buy a private company, usually within two years. The deal then takes the private company public. Several private companies, including electric carmaker Fisker, healthcare services provider MultiPlan and sales and marketing services provider Advantage Solutions Inc, have gone public through a SPAC deal this year.

Source: Mint September 15, 2020 12:45 UTC