States Title CEO Max Simkoff and investor Mark Ein. (Keystone Strategy, Getty)
Title insurance startup States Title is going public in a $3 billion deal with a blank-check firm, the latest sign of investor interest in companies that digitize the residential real estate industry.
The company which has been renamed Doma said Tuesday that it plans to merge with Capitol Investment Corp., a special purpose acquisitions company backed by investor Mark Ein. Since 2007, Ein has raised $1.5 billion through five SPACs.
The deal will generate $645 million, including a $300 million PIPE investment and $350 million from investors including BlackRock, Fidelity, the Gores Group, Hedosophia, SoftBank’s SB Management, Wells Capital and Zillow co-founder Spencer Rascoff. National homebuilding giant Lennar, already a big investor in States Title, is participating in the PIPE.
Mark Ein s fifth SPAC to merge with Doma, an instant real estate services company
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Attorney General Becerra Secures Settlements Against Former Owners of Therakos, Inc
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A debt deal for Paul Coulson’s new Ardagh Metal Packaging (AMP) will be the biggest ever in the world of high-yield green corporate bonds.
The planned $2.8bn (€2.3bn) issue of new debt is part of the structure behind the spin-out of AMP as a standalone recyclable beverage can business that will have greener credentials than Ardagh itself.
Green bonds are used to fund environmentally sound projects and businesses and can attract pockets of capital not available to most corporate borrowers.
Governments and infrastucture funds have been tapping the market, but it is rarer for companies – especially higher debt non-investment grade or ‘junk bond’ issuers.
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Feb 23 (Reuters) - Ardagh Group SA said on Tuesday it will spin off its metal packaging business through a merger with a listed blank-check firm backed by billionaire Alec Gores, in a deal that values the new company at $8.5 billion.
The deal with Gores Holdings V will provide a total infusion of $3.4 billion to the spun-off company, financed by a combination of $2.3 billion of new debt, $600 million from new investors and the capital raised in Gores Holding V’s initial public offering of shares last year.
Luxembourg-based global packaging group Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people, according to its website.