Amazon-backed home tech startup SmartRent to go public in over $2 billion SPAC deal
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FILE PHOTO: SPACs are publicly listed shell companies that raise funds to take a private company public through a merger at a later date
(REUTERS)
. Updated: 22 Apr 2021, 07:10 PM IST Reuters
SmartRent develops tech products for property owners and homebuilders that automate daily operational processes such as parking management, locks and thermostat operation
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Amazon-backed home technology solutions provider SmartRent.com Inc said on Thursday it had agreed to go public through a merger with a blank-check firm backed by venture capital firm Fifth Wall, valuing the equity of the combined company at around $2.2 billion.
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News from Inner City Wellington
Many apartment owners in Wellington will have seen the PRIME documentary last Wednesday about the ongoing issues with multi-owner residential buildings across New Zealand: leaking, structural issues, non-compliant fire services in buildings completed as recently as five years ago. The financial, health and social impacts on the affected owners are substantial.
This is not a new issue, yet still residential buildings are being built that are ruining owners’ lives.
Another ‘hell’ that hundreds of apartment owners are living through was only briefly touched upon in the documentary. It comes to apartment owners who are told that their buildings have been deemed to be ‘earthquake-prone’ under the Building Act 2004 even though the buildings were fully compliant with the Building Act when they were built or last altered.
A limited partner ("Investor") in a private equity fund ("Fund") will often enter into a letter agreement ("Side Letter") with the Fund that modifies the terms of the Fund's limited partnership.