Article content
Lodging startup Sonder Holdings Inc said on Friday it has agreed to go public through a merger with a blank-check firm backed by billionaire investors Alec Gores and Dean Metropoulos, in a deal valuing the combined company at around $2.2 billion.
The deal with Gores Metropoulos II will be financed with a private placement of $200 million from investors including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock Inc and Senator Investment Group. Cash proceeds are expected to be about $650 million.
We apologize, but this video has failed to load.
Try refreshing your browser, or Gores SPAC to take lodging startup Sonder public in $2.2 bln deal Back to video
Combined company to have an estimated pro forma enterprise value of approximately $2.2 billion
Business combination includes $650 million of cash proceeds from Gores Metropoulos II before expenses, including fully committed PIPE of $200 million from top-tier institutional investors, including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, entities affiliated with Moore Capital Management, Principal Global Investors, LLC, and Senator Investment Group
Proceeds from the business combination will be used to continue global growth and expansion and increase investments in technology to drive an elevated guest experience
Sonder Holdings Inc. (“Sonder” or the “Company”), a leading next-generation hospitality company that is redefining the guest experience, and Gores Metropoulos II, Inc. (Nasdaq: GMIIU, GMII and GMIIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, a global i
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. click hereOk, Got it
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Money Losing, Short Term Rental Platform Sonder Gets Saved by Gores SPAC
Posted on 04/30/2021
San Francisco-based Sonder Holdings Inc. (Sonder) officially launched in 2014 and was co-founded by Francis Davidson, Chief Executive Officer, and Martin Picard, Global Head of Real Estate. Sonder is a hospitality company focused at short-term rentals. Sonder currently operates more than 300 properties across 35 markets in eight countries. Sonder works directly with real estate developers and property owners to lease, manage and operate spaces, providing guests with exceptionally designed accommodations at affordable prices on a nightly, weekly or monthly basis. Sonder is dependent on landlords to manage and maintain properties and maybe unable to negotiate attractive rates with new properties. Sonder’s leases are also subject to early termination.
Results in over $600 million of gross cash proceeds to Stem
Stem’s common stock to begin trading on the NYSE under symbol “STEM” on April 29, 2021
MILLBRAE, Calif., April 28, 2021 (GLOBE NEWSWIRE) Stem, Inc., a global leader in artificial intelligence (AI)-driven clean energy storage services, announced today that it has completed its previously announced business combination with Star Peak Energy Transition Corp. (“Star Peak”).
The transaction was unanimously approved by Star Peak’s Board of Directors and was approved at a special meeting of Star Peak stockholders on April 27, 2021. In connection with the closing, Star Peak changed its name to Stem, Inc. (“Stem” or the “Company”). The ticker symbols for the common stock and warrants of Stem will change from “STPK” and “STPK.WS” to “STEM” and “STEM.WS” and will begin trading as such on the New York Stock Exchange on April 29, 2021.